Barclays Initiates Coverage on Fortrea (NASDAQ:FTRE)

Barclays started coverage on shares of Fortrea (NASDAQ:FTRE) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The firm issued an equal weight rating and a $30.00 target price on the stock.

Several other brokerages have also commented on FTRE. Robert W. Baird upgraded shares of Fortrea from a neutral rating to an outperform rating and dropped their price target for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. Mizuho initiated coverage on shares of Fortrea in a research note on Tuesday, May 28th. They issued a neutral rating and a $27.00 price target on the stock. Bank of America dropped their price target on shares of Fortrea from $27.00 to $26.00 and set an underperform rating on the stock in a research note on Thursday, July 18th. TD Cowen started coverage on shares of Fortrea in a research note on Wednesday, May 29th. They issued a hold rating and a $27.00 price target on the stock. Finally, The Goldman Sachs Group started coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a neutral rating and a $28.00 target price on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortrea presently has an average rating of Hold and a consensus target price of $31.70.

Fortrea Stock Up 2.7 %

FTRE stock opened at $26.92 on Wednesday. The company’s 50 day moving average price is $24.94 and its 200 day moving average price is $31.68. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. Fortrea has a fifty-two week low of $22.15 and a fifty-two week high of $41.02. The firm has a market capitalization of $2.41 billion and a price-to-earnings ratio of -19.37.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The firm had revenue of $662.10 million for the quarter, compared to analysts’ expectations of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. On average, equities research analysts anticipate that Fortrea will post 0.72 EPS for the current fiscal year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, General Counsel James S. Hanson purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now directly owns 7,475 shares in the company, valued at $189,117.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now owns 57,827 shares of the company’s stock, valued at $1,434,687.87. The disclosure for this purchase can be found here. Insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in Fortrea by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 677,818 shares of the company’s stock valued at $15,820,000 after acquiring an additional 11,907 shares during the period. Easterly Investment Partners LLC acquired a new stake in Fortrea in the second quarter valued at $4,928,000. Louisiana State Employees Retirement System lifted its holdings in Fortrea by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 45,000 shares of the company’s stock valued at $1,050,000 after acquiring an additional 1,000 shares during the period. Penn Davis Mcfarland Inc. lifted its holdings in Fortrea by 3.3% in the second quarter. Penn Davis Mcfarland Inc. now owns 588,532 shares of the company’s stock valued at $13,736,000 after acquiring an additional 18,545 shares during the period. Finally, Gladius Capital Management LP acquired a new stake in Fortrea in the second quarter valued at $30,000.

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.