Fortrea Holdings Inc. (NASDAQ:FTRE) Given Consensus Rating of “Reduce” by Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been given an average rating of “Reduce” by the thirteen analysts that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $15.00.

Several analysts have issued reports on FTRE shares. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Evercore ISI dropped their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Truist Financial started coverage on Fortrea in a research report on Friday, May 2nd. They set a “hold” rating and a $7.00 target price on the stock. The Goldman Sachs Group dropped their target price on Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 14th. Finally, Barclays dropped their target price on Fortrea from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 13th.

Institutional Trading of Fortrea

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Fortrea by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock worth $75,147,000 after purchasing an additional 69,005 shares in the last quarter. FMR LLC lifted its position in Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after acquiring an additional 3,265,402 shares during the period. Corvex Management LP lifted its position in Fortrea by 28.6% during the 1st quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock worth $33,785,000 after acquiring an additional 994,000 shares during the period. Millennium Management LLC lifted its position in Fortrea by 1,625.8% during the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock worth $26,419,000 after acquiring an additional 3,296,461 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in Fortrea during the 1st quarter worth about $9,232,000.

Fortrea Trading Down 6.5%

FTRE opened at $4.44 on Monday. The stock’s fifty day moving average is $6.66 and its two-hundred day moving average is $13.88. The company has a market capitalization of $401.82 million, a P/E ratio of -1.30, a PEG ratio of 1.78 and a beta of 2.15. Fortrea has a 52 week low of $4.34 and a 52 week high of $28.41. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. The business had revenue of $651.30 million for the quarter, compared to analysts’ expectations of $609.63 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. Analysts forecast that Fortrea will post 0.51 earnings per share for the current year.

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.