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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have been assigned an average rating of "Reduce" from the fourteen brokerages that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating and twelve have issued a hold rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $15.00.

Several equities research analysts have recently weighed in on FTRE shares. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Mizuho lowered their target price on Fortrea from $10.00 to $8.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 14th. William Blair restated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group reduced their price objective on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th.

Fortrea Stock Down 5.7%

Shares of NASDAQ:FTRE traded down $0.36 on Friday, hitting $5.91. 2,989,314 shares of the company's stock were exchanged, compared to its average volume of 1,867,507. Fortrea has a 1-year low of $3.97 and a 1-year high of $28.41. The company has a market capitalization of $534.86 million, a PE ratio of -1.73, a P/E/G ratio of 1.78 and a beta of 1.59. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The firm's 50-day moving average is $5.24 and its 200 day moving average is $12.01.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.09. The business had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Sell-side analysts predict that Fortrea will post 0.51 EPS for the current year.

Institutional Investors Weigh In On Fortrea

Large investors have recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS bought a new position in Fortrea during the 4th quarter worth $300,000. Alliancebernstein L.P. raised its stake in shares of Fortrea by 107.3% in the 4th quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock worth $2,086,000 after buying an additional 57,879 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Fortrea in the fourth quarter valued at $1,082,000. Norges Bank bought a new position in Fortrea during the fourth quarter valued at about $330,000. Finally, Ameriprise Financial Inc. grew its holdings in Fortrea by 54.8% during the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock worth $9,356,000 after acquiring an additional 177,608 shares during the period.

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.