Fortrea Holdings Inc. (NASDAQ:FTRE) Given Average Rating of "Hold" by Analysts

Key Points

• Fortrea Holdings Inc. has received a consensus rating of "Hold" from twelve analysts, with targets ranging from a sell to a strong buy.
• Shares of Fortrea opened at $8.98 and have experienced a one-year low of $3.97 and a high of $25.28.
• Fortrea exceeded analysts' expectations by reporting an earnings per share (EPS) of $0.19 for the last quarter, surpassing estimates of $0.06.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) has been given a consensus rating of "Hold" by the twelve research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $12.2222.

FTRE has been the topic of a number of recent research reports. The Goldman Sachs Group reduced their price target on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Cowen restated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Barclays restated an "underweight" rating and issued a $6.00 target price (up previously from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Baird R W upgraded shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Finally, Evercore ISI raised their target price on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a report on Friday, August 8th.

Fortrea Stock Up 1.4%

Shares of NASDAQ FTRE opened at $8.98 on Wednesday. Fortrea has a one year low of $3.97 and a one year high of $25.28. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. The firm's 50 day simple moving average is $6.11 and its two-hundred day simple moving average is $7.24. The stock has a market capitalization of $815.38 million, a P/E ratio of -0.79 and a beta of 1.81.

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

Insider Activity at Fortrea

In related news, Director Peter M. Neupert purchased 32,500 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the acquisition, the director directly owned 98,132 shares in the company, valued at approximately $614,306.32. The trade was a 49.52% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the sale, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. This trade represents a 8.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,207 shares of company stock worth $61,325 in the last 90 days. Company insiders own 0.38% of the company's stock.

Institutional Trading of Fortrea

Several large investors have recently added to or reduced their stakes in FTRE. Allworth Financial LP boosted its holdings in 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 acquiring an additional 5,578 shares in the last quarter. Brooklyn Investment Group boosted its holdings in Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after acquiring an additional 3,831 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Fortrea in the fourth quarter valued at $30,000. GF Fund Management CO. LTD. bought a new stake in Fortrea in the fourth quarter valued at $35,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Fortrea in the first quarter valued at $39,000.

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.

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