Fortrea (NASDAQ:FTRE) Downgraded by Baird R W to “Hold”

Baird R W cut shares of Fortrea (NASDAQ:FTRE) from a strong-buy rating to a hold rating in a research note released on Friday,Zacks.com reports.

FTRE has been the subject of a number of other reports. The Goldman Sachs Group lowered their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Citigroup lowered their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $28.00 to $25.00 in a research note on Friday. Jefferies Financial Group downgraded shares of Fortrea from a “buy” rating to a “hold” rating and decreased their price objective for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $24.00.

Fortrea Trading Down 8.1 %

Shares of NASDAQ:FTRE opened at $21.67 on Friday. The company has a market cap of $1.94 billion, a PE ratio of -6.34, a P/E/G ratio of 3.58 and a beta of 1.16. The company’s 50 day moving average is $19.52 and its two-hundred day moving average is $22.32. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02. 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 (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. Equities analysts predict that Fortrea will post 0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortrea

A number of large investors have recently modified their holdings of the business. Cetera Advisors LLC purchased a new stake in shares of Fortrea during the 1st quarter worth approximately $241,000. CWM LLC grew its holdings in Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after purchasing an additional 475 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Fortrea in the second quarter valued at $260,000. Blue Trust Inc. increased its position in shares of Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after buying an additional 1,434 shares in the last quarter. Finally, Gladius Capital Management LP acquired a new position in shares of Fortrea during the 2nd quarter worth $30,000.

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.