Fortrea (NASDAQ:FTRE) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Fortrea (NASDAQ:FTRE) from a buy rating to a hold rating in a research note released on Saturday morning.

A number of other brokerages have also weighed in on FTRE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Wednesday, October 8th. Robert W. Baird lifted their target price on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Evercore ISI lifted their target price on shares of Fortrea from $7.00 to $11.00 and gave the company an “in-line” rating in a research note on Wednesday, October 8th. Citigroup reaffirmed a “neutral” rating on shares of Fortrea in a research note on Tuesday, October 7th. Finally, Mizuho cut their target price on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $12.17.

Fortrea Price Performance

Shares of Fortrea stock opened at $9.82 on Friday. The firm has a market cap of $891.66 million, a PE ratio of -0.86 and a beta of 1.81. Fortrea has a 12-month low of $3.97 and a 12-month high of $25.28. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The company’s fifty day simple moving average is $9.12 and its two-hundred day simple moving average is $6.72.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, May 24th. The company reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $693.90 million for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. As a group, equities analysts expect that Fortrea will post 0.51 EPS for the current year.

Insider Buying and Selling

In other Fortrea news, Director Erin L. Russell acquired 9,854 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were acquired at an average price of $10.15 per share, with a total value of $100,018.10. Following the completion of the purchase, the director directly owned 9,854 shares of the company’s stock, valued at approximately $100,018.10. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jill G. Mcconnell sold 3,156 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $32,285.88. Following the sale, the chief financial officer directly owned 58,770 shares in the company, valued at $601,217.10. The trade was a 5.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Brooklyn Investment Group raised its holdings in Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after buying an additional 3,831 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Fortrea in the first quarter worth about $39,000. Allworth Financial LP raised its holdings in Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after buying an additional 5,578 shares during the last quarter. GAMMA Investing LLC raised its holdings in Fortrea by 88.2% in the third quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock worth $51,000 after buying an additional 2,832 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after buying an additional 2,918 shares during the last quarter.

Fortrea Company Profile

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.