Fortrea (NASDAQ:FTRE) Price Target Raised to $25.00 at Barclays

Fortrea (NASDAQ:FTRE) had its price target hoisted by Barclays from $20.00 to $25.00 in a research report released on Monday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other equities research analysts have also issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. The Goldman Sachs Group lowered their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research note on Friday. TD Cowen reduced their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Finally, Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and lowered their price target for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and a consensus target price of $24.50.

Fortrea Stock Down 3.2 %

Shares of NASDAQ FTRE opened at $22.75 on Monday. The firm has a market capitalization of $2.04 billion, a PE ratio of -6.65, a price-to-earnings-growth ratio of 3.78 and a beta of 0.70. 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 has a 1 year low of $16.53 and a 1 year high of $41.02. The firm’s 50-day moving average is $19.69 and its 200-day moving average is $23.89.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) 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 the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company’s revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. Equities analysts expect that Fortrea will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in FTRE. nVerses Capital LLC acquired a new stake in shares of Fortrea in the 2nd quarter worth approximately $26,000. Gladius Capital Management LP purchased a new stake in Fortrea in the 2nd quarter worth approximately $30,000. Hara Capital LLC acquired a new position in Fortrea in the 3rd quarter worth about $29,000. Blue Trust Inc. increased its position in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after purchasing an additional 1,434 shares during the last quarter. Finally, Covestor Ltd increased its position in Fortrea by 420.8% in the 1st quarter. Covestor Ltd now owns 2,083 shares of the company’s stock worth $84,000 after purchasing an additional 1,683 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.