Fortrea (NASDAQ:FTRE) Price Target Cut to $5.00 by Analysts at Evercore ISI

Fortrea (NASDAQ:FTRE) had its price target reduced by equities research analysts at Evercore ISI from $6.00 to $5.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s price target suggests a potential upside of 2.19% from the company’s current price.

Other analysts also recently issued reports about the stock. Truist Financial initiated coverage on shares of Fortrea in a report on Friday, May 2nd. They set a “hold” rating and a $7.00 price objective for the company. Citigroup reissued a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. Cowen reissued a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. Barclays lowered their price target on shares of Fortrea from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Tuesday, May 13th. Finally, The Goldman Sachs Group lowered their price objective on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. Two equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. Based on data from MarketBeat.com, Fortrea has a consensus rating of “Hold” and a consensus target price of $14.09.

Fortrea Stock Up 10.0%

FTRE opened at $4.89 on Wednesday. Fortrea has a one year low of $3.97 and a one year high of $28.41. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $442.82 million, a P/E ratio of -0.55, a price-to-earnings-growth ratio of 0.30 and a beta of 1.76. The company has a fifty day moving average price of $5.11 and a 200-day moving average price of $10.00.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a negative net margin of 29.43% and a positive return on equity of 2.84%. The company had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Equities research analysts expect that Fortrea will post 0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC grew its holdings in Fortrea by 134.9% in the first quarter. Voya Investment Management LLC now owns 303,901 shares of the company’s stock worth $2,294,000 after purchasing an additional 174,549 shares during the period. Acadian Asset Management LLC purchased a new stake in Fortrea in the first quarter worth about $65,000. Focus Partners Wealth purchased a new stake in Fortrea in the first quarter worth about $80,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Fortrea by 10.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock worth $2,135,000 after buying an additional 27,746 shares in the last quarter. Finally, Caxton Associates LLP bought a new position in shares of Fortrea in the first quarter worth approximately $196,000.

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.