Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Target Price at $16.70

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have been given an average rating of "Reduce" by the twelve brokerages that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation and ten have issued a hold recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $16.70.

A number of brokerages recently weighed in on FTRE. William Blair reissued a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Evercore ISI reduced their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Barclays reaffirmed an "underweight" rating and issued a $6.00 target price (down from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Finally, Mizuho decreased their price objective on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Willis Investment Counsel grew its stake in shares of Fortrea by 0.6% during the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company's stock valued at $3,459,000 after purchasing an additional 1,138 shares during the period. Cullen Frost Bankers Inc. raised its stake in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after purchasing an additional 1,361 shares in the last quarter. Covestor Ltd grew its position in Fortrea by 57.7% in the fourth quarter. Covestor Ltd now owns 4,356 shares of the company's stock worth $81,000 after acquiring an additional 1,593 shares in the last quarter. Swiss National Bank raised its holdings in Fortrea by 1.0% during the 4th quarter. Swiss National Bank now owns 167,420 shares of the company's stock valued at $3,122,000 after buying an additional 1,600 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea during the 4th quarter worth about $30,000.

Fortrea Stock Performance

Shares of NASDAQ FTRE traded up $0.06 during mid-day trading on Thursday, hitting $6.14. The company had a trading volume of 166,504 shares, compared to its average volume of 1,641,515. The stock's 50-day moving average price is $8.64 and its 200-day moving average price is $15.12. The company has a market capitalization of $553.83 million, a price-to-earnings ratio of -1.79, a P/E/G ratio of 1.78 and a beta of 2.10. Fortrea has a 1 year low of $4.77 and a 1 year high of $38.04. 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 released its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million during the quarter, compared to analysts' expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the business earned $0.19 EPS. On average, sell-side analysts forecast that Fortrea will post 0.51 earnings per share for the current 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.