Evercore ISI Forecasts Strong Price Appreciation for Fortrea (NASDAQ:FTRE) Stock

Key Points

• Evercore ISI raised its target price for Fortrea (NASDAQ:FTRE) from $7.00 to $11.00, indicating a potential upside of 18.15% from its previous close.
• The stock has received mixed ratings from analysts, with one Strong Buy, one Buy, nine Holds, and two Sell ratings, leading to a consensus rating of "Hold."
• Fortrea reported earnings of $0.19 per share, significantly surpassing the consensus estimate of $0.06, and generated revenue of $710.30 million, exceeding expectations of $631.61 million.

Fortrea (NASDAQ:FTRE - Get Free Report) had its target price lifted by research analysts at Evercore ISI from $7.00 to $11.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "in-line" rating on the stock. Evercore ISI's price objective suggests a potential upside of 18.15% from the company's previous close.

FTRE has been the subject of several other reports. Jefferies Financial Group boosted their target price on shares of Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a research report on Tuesday, September 9th. Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Robert W. Baird upped their price target on Fortrea from $9.00 to $14.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Fortrea in a report on Saturday, September 27th. Finally, Mizuho decreased their target price on Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $12.17.

Fortrea Price Performance

NASDAQ FTRE opened at $9.31 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea has a 1 year low of $3.97 and a 1 year high of $25.28. The company has a market cap of $845.35 million, a PE ratio of -0.82 and a beta of 1.81. The stock's 50-day moving average price is $8.79 and its two-hundred day moving average price is $6.69.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. The business had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. On average, analysts predict that Fortrea will post 0.51 EPS for the current year.

Insider Buying and Selling

In related news, Director Erin L. Russell purchased 9,854 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was bought at an average cost of $10.15 per share, with a total value of $100,018.10. Following the purchase, the director directly owned 9,854 shares in the company, valued at $100,018.10. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Jill G. Mcconnell sold 3,156 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the transaction, the chief financial officer directly owned 58,770 shares of the company's stock, valued at $601,217.10. This trade represents a 5.10% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders purchased 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. 0.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Brooklyn Investment Group boosted its position in Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after purchasing an additional 3,831 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Fortrea in the 1st quarter valued at approximately $39,000. Allworth Financial LP grew its stake in shares of Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company's stock valued at $28,000 after buying an additional 5,578 shares in the last quarter. GAMMA Investing LLC increased its holdings in Fortrea by 88.2% during the third quarter. GAMMA Investing LLC now owns 6,043 shares of the company's stock worth $51,000 after buying an additional 2,832 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock worth $38,000 after acquiring an additional 2,918 shares in 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.

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