Fortrea (NASDAQ:FTRE) Shares Gap Up – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $15.14, but opened at $16.11. Fortrea shares last traded at $16.05, with a volume of 511,614 shares changing hands.

Analysts Set New Price Targets

Several research firms recently commented on FTRE. Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $12.00 to $21.00 in a research report on Thursday. Barclays raised their target price on Fortrea from $8.00 to $10.00 and gave the stock an “underweight” rating in a research report on Thursday, November 6th. Robert W. Baird upped their price target on Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, September 3rd. Mizuho set a $11.00 price objective on Fortrea in a research report on Friday, November 7th. Finally, Jefferies Financial Group lifted their price objective on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research note on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.50.

Fortrea Trading Up 5.7%

The firm has a 50-day moving average of $11.15 and a 200 day moving average of $8.42. The company has a market cap of $1.48 billion, a P/E ratio of -1.42, a price-to-earnings-growth ratio of 0.68 and a beta of 1.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.04). The business had revenue of $701.30 million during the quarter, compared to analyst estimates of $643.43 million. Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. On average, analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank raised its stake in Fortrea by 4.0% during the 3rd quarter. Amalgamated Bank now owns 26,688 shares of the company’s stock worth $225,000 after buying an additional 1,026 shares during the period. Allworth Financial LP increased its holdings in shares of Fortrea by 19.6% during the third quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after acquiring an additional 1,109 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Fortrea by 8.2% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,235 shares of the company’s stock valued at $115,000 after acquiring an additional 1,769 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Fortrea by 1.0% during the second quarter. Sequoia Financial Advisors LLC now owns 176,159 shares of the company’s stock worth $870,000 after purchasing an additional 1,802 shares during the period. Finally, Verdence Capital Advisors LLC lifted its holdings in shares of Fortrea by 12.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 16,046 shares of the company’s stock worth $79,000 after purchasing an additional 1,827 shares in 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.