Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Recommendation of “Reduce” from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has received a consensus rating of “Reduce” from the fourteen ratings firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and twelve have assigned a hold recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $15.00.

Several brokerages have recently commented on FTRE. Cowen reaffirmed a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Truist Financial began coverage on Fortrea in a research note on Friday, May 2nd. They issued a “hold” rating and a $7.00 price target on the stock. Barclays decreased their price target on Fortrea from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 13th. Finally, The Goldman Sachs Group decreased their price target on Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 14th.

Fortrea Stock Performance

NASDAQ FTRE opened at $6.27 on Friday. The stock’s fifty day moving average is $5.24 and its two-hundred day moving average is $12.01. The firm has a market capitalization of $567.44 million, a P/E ratio of -1.83, a price-to-earnings-growth ratio of 1.78 and a beta of 1.59. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. Fortrea has a fifty-two week low of $3.97 and a fifty-two week high of $28.41.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. On average, research analysts anticipate that Fortrea will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Several hedge funds have recently bought and sold shares of FTRE. Brooklyn Investment Group lifted its stake in Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after acquiring an additional 3,831 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea during the 4th quarter worth about $30,000. GF Fund Management CO. LTD. purchased a new stake in Fortrea during the 4th quarter worth about $35,000. Caitong International Asset Management Co. Ltd acquired a new stake in Fortrea in the 1st quarter valued at about $39,000. Finally, Quarry LP raised its position in Fortrea by 73.4% in the 1st quarter. Quarry LP now owns 7,567 shares of the company’s stock valued at $57,000 after purchasing an additional 3,202 shares in the last quarter.

About Fortrea

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.