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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been given an average rating of “Hold” by the eleven brokerages that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $22.00.

A number of analysts have issued reports on FTRE shares. Barclays boosted their target price on Fortrea from $18.00 to $22.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Wall Street Zen cut Fortrea from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $20.00 price objective on shares of Fortrea in a report on Thursday, July 30th. Evercore reissued an “outperform” rating on shares of Fortrea in a research note on Wednesday, July 29th. Finally, William Blair upgraded Fortrea to a “hold” rating in a report on Wednesday, July 29th.

Fortrea Price Performance

Shares of FTRE opened at $17.20 on Friday. Fortrea has a 1-year low of $8.31 and a 1-year high of $21.39. The stock has a market cap of $1.64 billion, a PE ratio of -18.90, a P/E/G ratio of 0.41 and a beta of 1.97. The firm has a 50-day simple moving average of $18.26 and a two-hundred day simple moving average of $14.54. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.96 and a quick ratio of 0.96.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.18 by $0.05. The firm had revenue of $678.20 million for the quarter, compared to analyst estimates of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. As a group, analysts forecast that Fortrea will post 0.85 EPS for the current year.

Insider Activity

In other news, CEO Anshul Thakral sold 99,869 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the sale, the chief executive officer owned 316,797 shares of the company’s stock, valued at approximately $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Several large investors have recently added to or reduced their stakes in the business. WINTON GROUP Ltd lifted its holdings in Fortrea by 26.7% during the 2nd quarter. WINTON GROUP Ltd now owns 389,155 shares of the company’s stock worth $6,771,000 after buying an additional 82,059 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Fortrea by 6,010.7% in the second quarter. NewEdge Advisors LLC now owns 14,910 shares of the company’s stock worth $259,000 after acquiring an additional 14,666 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Fortrea by 22.6% in the second quarter. Squarepoint Ops LLC now owns 18,537 shares of the company’s stock worth $323,000 after acquiring an additional 3,417 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of Fortrea by 20.1% during the second quarter. Baird Financial Group Inc. now owns 65,294 shares of the company’s stock worth $1,136,000 after acquiring an additional 10,939 shares during the period. Finally, Allworth Financial LP increased its position in shares of Fortrea by 22.3% during the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after acquiring an additional 716 shares during the period.

Fortrea Company Profile

Fortrea Holdings Inc (NASDAQ:FTRE) is a global contract research organization (CRO) that provides clinical development and related services to pharmaceutical, biotechnology and medical device companies. The company supports sponsors as they plan, manage and evaluate clinical studies designed to bring new medicines and therapies to market.

Fortrea’s services span clinical trial management, patient recruitment and engagement, data management, biostatistics, medical monitoring, regulatory support and clinical pharmacology.