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

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) has earned a consensus rating of "Reduce" from the fourteen analysts that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $15.00.

A number of equities research analysts recently weighed in on FTRE shares. Barclays dropped their price objective on Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 13th. The Goldman Sachs Group dropped their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Cowen reaffirmed a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Finally, Truist Financial initiated coverage on Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target for the company.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. KLP Kapitalforvaltning AS purchased a new position in shares of Fortrea in the fourth quarter worth about $300,000. Alliancebernstein L.P. raised its stake in shares of Fortrea by 107.3% in the fourth quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock worth $2,086,000 after purchasing an additional 57,879 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Fortrea in the fourth quarter worth about $1,082,000. Ameriprise Financial Inc. raised its stake in shares of Fortrea by 54.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock worth $9,356,000 after purchasing an additional 177,608 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Fortrea in the fourth quarter worth about $330,000.

Fortrea Price Performance

FTRE opened at $4.45 on Tuesday. Fortrea has a 12-month low of $3.97 and a 12-month high of $28.41. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The business's fifty day simple moving average is $5.14 and its 200-day simple moving average is $10.03. The company has a market capitalization of $402.73 million, a price-to-earnings ratio of -0.51, a PEG ratio of 0.36 and a beta of 1.76.

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, beating analysts' consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. The company had revenue of $651.30 million for the quarter, compared to the consensus estimate of $609.63 million. On average, equities research analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

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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