Fortrea (NASDAQ:FTRE) Price Target Raised to $30.00

Fortrea (NASDAQ:FTRE) had its price objective raised by analysts at Robert W. Baird from $28.00 to $30.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price target would indicate a potential upside of 36.67% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and reduced their price objective for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. TD Cowen decreased their target price on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Bank of America cut their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Evercore ISI decreased their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Finally, The Goldman Sachs Group lowered their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $24.50.

Fortrea Stock Down 3.5 %

Shares of Fortrea stock opened at $21.95 on Monday. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The stock has a 50 day moving average price of $19.69 and a two-hundred day moving average price of $23.79. The stock has a market capitalization of $1.97 billion, a P/E ratio of -6.42, a PEG ratio of 3.78 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. Fortrea’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. Equities analysts expect that Fortrea will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in shares of Fortrea in the second quarter valued at approximately $26,000. Hara Capital LLC bought a new position in Fortrea in the 3rd quarter valued at $29,000. Gladius Capital Management LP acquired a new position in Fortrea in the second quarter worth $30,000. Blue Trust Inc. grew its holdings in shares of Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after purchasing an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. increased its stake in shares of Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after buying an additional 1,250 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.