Fortrea (NASDAQ:FTRE) Stock Rating Upgraded by Barclays

Fortrea (NASDAQ:FTRE) was upgraded by equities researchers at Barclays from an “underweight” rating to an “equal weight” rating in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has a $15.00 target price on the stock. Barclays‘s price objective points to a potential downside of 6.60% from the company’s previous close.

Several other analysts have also issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Mizuho set a $11.00 target price on Fortrea in a research note on Friday, November 7th. Wedbush set a $21.00 target price on Fortrea in a report on Thursday. Wall Street Zen lowered Fortrea from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Finally, Robert W. Baird boosted their price objective on Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.06.

Fortrea Trading Up 2.2%

FTRE stock opened at $16.06 on Monday. The company has a market capitalization of $1.48 billion, a PE ratio of -1.43, a price-to-earnings-growth ratio of 0.74 and a beta of 1.75. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.00 and a current ratio of 1.00. Fortrea has a one year low of $3.97 and a one year high of $20.86. The company’s 50 day moving average price is $11.52 and its two-hundred day moving average price is $8.69.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP lifted its holdings in Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock worth $57,000 after buying an additional 1,109 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Fortrea during the third quarter valued at approximately $187,000. Jacobs Levy Equity Management Inc. purchased a new stake in Fortrea in the third quarter worth $906,000. PharVision Advisers LLC purchased a new stake in Fortrea in the third quarter worth $141,000. Finally, Alyeska Investment Group L.P. bought a new stake in Fortrea in the third quarter valued at $4,210,000.

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.