Fortrea (NASDAQ:FTRE) Price Target Raised to $30.00 at Robert W. Baird

Fortrea (NASDAQ:FTRE) had its price target raised by Robert W. Baird from $28.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also recently issued reports on FTRE. Bank of America reduced their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. The Goldman Sachs Group dropped their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Citigroup lowered their price target on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Jefferies Financial Group downgraded shares of Fortrea from a “buy” rating to a “hold” rating and cut their price objective for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. Finally, Evercore ISI lowered their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.50.

Fortrea Trading Down 5.1 %

Fortrea stock opened at $20.20 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.19 and a current ratio of 1.18. The stock has a 50-day simple moving average of $19.68 and a 200 day simple moving average of $23.75. The stock has a market capitalization of $1.81 billion, a P/E ratio of -5.91, a PEG ratio of 3.31 and a beta of 0.70. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same quarter last year, the company posted $0.24 EPS. The firm’s revenue was down 5.4% on a year-over-year basis. Analysts expect that Fortrea will post 0.57 earnings per share for the current year.

Institutional Trading of Fortrea

Several institutional investors and hedge funds have recently modified their holdings of FTRE. nVerses Capital LLC bought a new stake in shares of Fortrea during the 2nd quarter valued at approximately $26,000. Gladius Capital Management LP acquired a new position in shares of Fortrea during the second quarter worth $30,000. Hara Capital LLC bought a new position in shares of Fortrea in the 3rd quarter valued at $29,000. Blue Trust Inc. boosted its holdings in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares in the last quarter. Finally, Covestor Ltd grew its position in Fortrea by 420.8% during the 1st quarter. Covestor Ltd now owns 2,083 shares of the company’s stock worth $84,000 after acquiring 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.