Fortrea (NASDAQ:FTRE) Given Underweight Rating at Barclays

Barclays reissued their underweight rating on shares of Fortrea (NASDAQ:FTRE) in a report published on Thursday morning, MarketBeat.com reports. Barclays currently has a $6.00 price objective on the stock, down from their previous price objective of $12.00.

FTRE has been the subject of several other reports. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. The Goldman Sachs Group lowered their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Evercore ISI reduced their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $16.70.

Fortrea Price Performance

NASDAQ:FTRE opened at $5.18 on Thursday. The firm’s fifty day moving average price is $10.77 and its two-hundred day moving average price is $16.20. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $467.24 million, a P/E ratio of -1.51, a P/E/G ratio of 1.78 and a beta of 2.10. Fortrea has a one year low of $4.95 and a one year high of $39.49.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter last year, the company posted $0.19 EPS. Equities analysts expect that Fortrea will post 0.51 earnings per share for the current year.

Insider Buying and Selling at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 in the last ninety days. 0.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortrea

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake in shares of Fortrea by 2.0% in the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock valued at $825,000 after purchasing an additional 792 shares during the last quarter. Willis Investment Counsel boosted its stake in Fortrea by 0.6% in the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock valued at $3,459,000 after buying an additional 1,138 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,361 shares during the last quarter. Covestor Ltd raised its stake in Fortrea by 57.7% during the fourth quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after acquiring an additional 1,593 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Fortrea by 1.0% in the fourth quarter. Swiss National Bank now owns 167,420 shares of the company’s stock worth $3,122,000 after acquiring an additional 1,600 shares during the last quarter.

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.