Fortrea (NASDAQ:FTRE) Cut to “Neutral” at Robert W. Baird

Fortrea (NASDAQ:FTRE) was downgraded by Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat reports. They presently have a $25.00 price target on the stock, down from their previous price target of $28.00. Robert W. Baird’s price objective suggests a potential upside of 15.37% from the stock’s current price.

FTRE has been the subject of a number of other research reports. TD Cowen lifted their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and dropped their price target for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. Barclays lifted their price target on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. Finally, The Goldman Sachs Group dropped their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $24.00.

Fortrea Trading Down 8.1 %

NASDAQ:FTRE opened at $21.67 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. The company has a market cap of $1.94 billion, a PE ratio of -6.34, a price-to-earnings-growth ratio of 3.58 and a beta of 1.16. The company has a 50 day simple moving average of $19.52 and a two-hundred day simple moving average of $22.35.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same period last year, the firm posted $0.24 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. Research analysts forecast that Fortrea will post 0.57 earnings per share for the current year.

Institutional Trading of Fortrea

A number of large investors have recently made changes to their positions in the business. Starboard Value LP increased its holdings in shares of Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after buying an additional 400,000 shares during the last quarter. Sessa Capital IM L.P. increased its holdings in shares of Fortrea by 2.3% in the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after buying an additional 158,044 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Fortrea by 5,021,169.7% in the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares during the last quarter. FMR LLC increased its holdings in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after buying an additional 2,304,677 shares during the last quarter. Finally, State Street Corp grew its holdings in Fortrea by 7.7% during the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after purchasing an additional 233,577 shares during 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.