Fortrea Holdings Inc. (NASDAQ:FTRE) Given Consensus Recommendation of "Reduce" by Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have received a consensus recommendation of "Reduce" from the thirteen research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $15.00.

FTRE has been the subject of several analyst reports. Robert W. Baird set a $12.00 price objective on Fortrea in a research note on Tuesday, March 4th. The Goldman Sachs Group lowered their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Barclays lowered their price objective on Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research note on Tuesday, May 13th. Truist Financial initiated coverage on Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 price objective for the company. Finally, Mizuho lowered their price objective on Fortrea from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th.

Fortrea Price Performance

Shares of Fortrea stock opened at $4.44 on Monday. The stock has a 50 day moving average of $6.66 and a 200 day moving average of $13.88. Fortrea has a 12 month low of $4.34 and a 12 month high of $28.41. The firm has a market cap of $401.82 million, a PE ratio of -1.30, a PEG ratio of 1.78 and a beta of 2.15. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $651.30 million during the quarter, compared to analyst estimates of $609.63 million. On average, research analysts expect that Fortrea will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently modified their holdings of FTRE. Penn Davis Mcfarland Inc. raised its holdings in shares of Fortrea by 0.8% in the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company's stock worth $20,628,000 after buying an additional 8,884 shares during the period. SG Americas Securities LLC purchased a new position in Fortrea during the 4th quarter worth $227,000. Whalen Wealth Management Inc. purchased a new position in Fortrea during the 4th quarter worth $204,000. KBC Group NV increased its holdings in Fortrea by 5.0% during the 4th quarter. KBC Group NV now owns 35,031 shares of the company's stock worth $654,000 after purchasing an additional 1,659 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Fortrea by 10.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,020 shares of the company's stock worth $355,000 after purchasing an additional 1,787 shares during the period.

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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