Fortrea (NASDAQ:FTRE) Downgraded to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Fortrea (NASDAQ:FTRE) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Several other research analysts have also recently commented on FTRE. Wall Street Zen raised Fortrea from a “hold” rating to a “buy” rating in a research note on Sunday. Citigroup reaffirmed a “neutral” rating on shares of Fortrea in a report on Tuesday, October 7th. Barclays lifted their price target on Fortrea from $6.00 to $8.00 and gave the stock an “underweight” rating in a report on Thursday, October 2nd. Evercore ISI lifted their price target on Fortrea from $7.00 to $11.00 and gave the stock an “in-line” rating in a report on Wednesday, October 8th. Finally, Robert W. Baird lifted their price target on Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.39.

Fortrea Trading Down 0.3%

FTRE opened at $10.39 on Monday. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28. The stock has a market capitalization of $943.41 million, a price-to-earnings ratio of -0.91, a PEG ratio of 0.44 and a beta of 1.81. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. The business has a fifty day moving average price of $9.49 and a 200 day moving average price of $6.84.

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

Insider Activity

In other news, Director Erin L. Russell bought 9,854 shares of Fortrea stock in a transaction dated Tuesday, September 2nd. The stock was acquired at an average cost of $10.15 per share, with a total value of $100,018.10. Following the acquisition, the director owned 9,854 shares of the company’s stock, valued at approximately $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jill G. Mcconnell sold 3,156 shares of the business’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $32,285.88. Following the completion of the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at $601,217.10. The trade was a 5.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fortrea

A number of large investors have recently modified their holdings of FTRE. Allworth Financial LP raised its stake in shares of Fortrea by 6,802.4% during the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after buying an additional 5,578 shares in the last quarter. Brooklyn Investment Group raised its stake in shares of 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 buying an additional 3,831 shares in the last quarter. Osaic Holdings Inc. raised its stake in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after buying an additional 2,918 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Fortrea during the 1st quarter worth approximately $39,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Fortrea by 137.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after buying an additional 5,036 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.