Analysts Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $27.20

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have received a consensus rating of “Hold” from the twelve ratings firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $27.20.

Several research firms recently issued reports on FTRE. Deutsche Bank Aktiengesellschaft reduced their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. Evercore ISI lowered shares of Fortrea from an “outperform” rating to an “in-line” rating and lowered their price target for the company from $31.00 to $27.00 in a report on Thursday, August 8th. Citigroup cut their price target on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Bank of America dropped their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Finally, The Goldman Sachs Group began coverage on Fortrea in a report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price target on the stock.

Fortrea Stock Up 3.8 %

Shares of NASDAQ FTRE opened at $21.39 on Wednesday. The stock has a market capitalization of $1.92 billion, a P/E ratio of -15.39, a PEG ratio of 2.02 and a beta of 0.56. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. Fortrea has a one year low of $18.07 and a one year high of $41.02. The firm’s 50 day simple moving average is $23.87 and its two-hundred day simple moving average is $29.31.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same period in the prior year, the firm earned $0.52 earnings per share. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, analysts expect that Fortrea will post 0.6 EPS for the current fiscal year.

Institutional Trading of Fortrea

Institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its holdings in Fortrea by 311.2% in the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after acquiring an additional 59,690 shares during the period. Jennison Associates LLC purchased a new stake in Fortrea during the first quarter valued at approximately $6,560,000. First Eagle Investment Management LLC raised its position in Fortrea by 171.6% in the first quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after acquiring an additional 169,882 shares during the period. Amalgamated Bank purchased a new position in shares of Fortrea during the 4th quarter worth $1,320,000. Finally, 13D Management LLC bought a new stake in shares of Fortrea during the 4th quarter valued at $4,568,000.

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.