Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Recommendation of “Hold” from Brokerages

by · The Markets Daily

Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) has earned an average rating of “Hold” from the twelve analysts that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $23.60.

Several equities research analysts have recently issued reports on FTRE shares. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. Citigroup cut their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. TD Cowen decreased their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Bank of America cut their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Finally, The Goldman Sachs Group lowered their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th.

Get Our Latest Stock Report on Fortrea

Institutional Investors Weigh In On Fortrea

Large investors have recently modified their holdings of the business. Baupost Group LLC MA lifted its holdings in Fortrea by 933.7% during the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after buying an additional 2,836,563 shares during the period. Magnetar Financial LLC lifted its stake in shares of Fortrea by 228.6% during the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock worth $46,350,000 after purchasing an additional 1,381,489 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in Fortrea in the second quarter valued at about $23,192,000. Nordea Investment Management AB raised its holdings in Fortrea by 4,500.5% in the first quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock worth $39,259,000 after purchasing an additional 960,865 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Fortrea by 59.3% during the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock valued at $57,561,000 after buying an additional 918,240 shares during the last quarter.

Fortrea Price Performance

NASDAQ:FTRE opened at $18.09 on Thursday. The business’s 50-day moving average is $19.79 and its 200 day moving average is $24.30. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77.

Fortrea (NASDAQ:FTRE – Get Free Report) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. Fortrea’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. On average, research analysts expect that Fortrea will post 0.59 EPS for the current fiscal year.

Fortrea Company Profile

(Get Free Report

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.

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