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

Key Points

• Fortrea Holdings Inc. (NASDAQ:FTRE) has received an average rating of "Hold" from fourteen analysts, with a target price of $12.17.
• Insider transactions included Director Peter M. Neupert buying 32,500 shares at $6.26 per share, while CFO Jill G. Mcconnell sold 4,886 shares at an average price of $8.01.
• In the second quarter, significant increases in stock positions were reported, including a 6,802.4% increase by Allworth Financial LP in Fortrea shares.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) has earned an average rating of "Hold" from the fourteen analysts that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation, one has assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $12.1667.

A number of research analysts have recently issued reports on the stock. Evercore ISI lifted their target price on shares of Fortrea from $7.00 to $11.00 and gave the company an "in-line" rating in a research note on Wednesday, October 8th. Robert W. Baird raised their price target on Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Barclays lifted their price objective on Fortrea from $6.00 to $8.00 and gave the company an "underweight" rating in a research report on Thursday, October 2nd. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Finally, Wall Street Zen cut Fortrea from a "buy" rating to a "hold" rating in a report on Saturday, October 11th.

Insider Transactions at Fortrea

In related news, Director Peter M. Neupert bought 32,500 shares of Fortrea stock in a transaction dated Monday, August 11th. The shares were bought at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the transaction, the director owned 98,132 shares of the company's stock, valued at approximately $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Jill G. Mcconnell sold 4,886 shares of the firm's stock in a transaction that occurred 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 directly owned 54,770 shares of the company's stock, valued at approximately $438,707.70. This represents a 8.19% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortrea

Large investors have recently made changes to their positions in the company. Allworth Financial LP increased its position in Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company's stock worth $28,000 after purchasing an additional 5,578 shares during the period. Brooklyn Investment Group grew its position in shares of Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock worth $29,000 after buying an additional 3,831 shares during the period. Osaic Holdings Inc. grew its position in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock worth $38,000 after buying an additional 2,918 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fortrea during the first quarter worth approximately $39,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Fortrea by 137.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock valued at $43,000 after buying an additional 5,036 shares during the period.

Fortrea Stock Performance

NASDAQ:FTRE opened at $9.69 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $879.85 million, a PE ratio of -0.85 and a beta of 1.81. Fortrea has a 12-month low of $3.97 and a 12-month high of $25.28. The firm has a 50-day moving average price of $9.24 and a 200 day moving average price of $6.76.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Friday, May 24th. The company reported $0.37 EPS for the quarter. The business had revenue of $693.90 million for the quarter. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. Research analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

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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