Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Now Rated "Hold" by Sell-Side Brokerages

Key Points

• Analyst consensus on Fortrea is “Hold,” based on 12 analysts: seven buy ratings, three holds and two sells. The average 12-month price target is $22.80, below the reported opening price of $23.63.
• Fortrea exceeded quarterly expectations, reporting EPS of $0.23 versus the $0.18 consensus and revenue of $678.2 million versus estimates of $647.6 million. Analysts expect full-year EPS of approximately $0.86.
• The stock has risen substantially from its 52-week low of $8.55, with a 50-day moving average of $19.70 and a 52-week high of $24.83. CEO Anshul Thakral sold nearly 100,000 shares to cover tax obligations, reducing his stake by 23.97%.

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have been assigned an average recommendation of "Hold" from the twelve analysts that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $22.80.

A number of brokerages have recently issued reports on FTRE. Robert W. Baird set a $23.00 price target on shares of Fortrea in a research note on Thursday, July 30th. Wall Street Zen raised shares of Fortrea from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. William Blair upgraded shares of Fortrea to a "hold" rating in a research report on Wednesday, July 29th. Evercore reaffirmed an "outperform" rating on shares of Fortrea in a report on Wednesday, July 29th. Finally, UBS Group boosted their target price on Fortrea from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 20th.

Fortrea Stock Performance

Shares of FTRE opened at $23.63 on Monday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $2.25 billion, a P/E ratio of -25.97, a P/E/G ratio of 0.57 and a beta of 1.93. The company's fifty day moving average is $19.70 and its two-hundred day moving average is $16.93. Fortrea has a 1 year low of $8.55 and a 1 year high of $24.83.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The company had revenue of $678.20 million during the quarter, compared to the consensus estimate of $647.57 million. On average, sell-side analysts predict that Fortrea will post 0.86 earnings per share for the current year.

Insider Activity at Fortrea

In other news, CEO Anshul Thakral sold 99,869 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total value of $1,913,490.04. Following the completion of the sale, the chief executive officer directly owned 316,797 shares of the company's stock, valued at $6,069,830.52. This trade represents a 23.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is owned by corporate insiders.

Institutional Trading of Fortrea

A number of institutional investors have recently modified their holdings of the business. Pullen Investment Management LLC acquired a new position in Fortrea during the third quarter worth $2,220,000. Financial Management Professionals Inc. purchased a new position in Fortrea in the third quarter worth $30,000. Nisa Investment Advisors LLC lifted its holdings in Fortrea by 29.1% in the third quarter. Nisa Investment Advisors LLC now owns 11,670 shares of the company's stock valued at $233,000 after acquiring an additional 2,633 shares during the period. WINTON GROUP Ltd lifted its holdings in Fortrea by 26.7% in the second quarter. WINTON GROUP Ltd now owns 389,155 shares of the company's stock valued at $6,771,000 after acquiring an additional 82,059 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in Fortrea by 6,010.7% in the second quarter. NewEdge Advisors LLC now owns 14,910 shares of the company's stock valued at $259,000 after acquiring an additional 14,666 shares during the period.

Fortrea Company Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company helps clients plan, manage and execute clinical development programs, supporting the testing of new medicines and therapies from early-stage research through regulatory approval and post-approval activities.

Its services include Phase I through Phase IV clinical trials, clinical operations, patient recruitment and access, data management, biostatistics, medical monitoring, pharmacovigilance and regulatory support.

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