Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Fortrea Holdings Inc. has received an average rating of "Reduce" from analysts, with two sell ratings and twelve hold ratings among the fourteen brokerages covering the stock.
• The company's stock has seen a significant decline, with a current trading price of $5.46, down from a high of $27.26 over the past year.
• Fortrea's latest quarterly earnings report showed an earnings per share (EPS) of $0.02, exceeding expectations, along with revenue of $651.30 million for the quarter.

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have been given an average rating of "Hold" by the fourteen brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $13.7273.

Several equities analysts recently commented on the company. The Goldman Sachs Group dropped their target price on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday. Barclays lowered their price target on Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Tuesday, May 13th. Citigroup reissued a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Finally, Cowen reissued a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th.

Fortrea Price Performance

Shares of NASDAQ FTRE traded down $0.11 during trading on Friday, reaching $6.45. The company had a trading volume of 1,912,206 shares, compared to its average volume of 2,376,143. Fortrea has a twelve month low of $3.97 and a twelve month high of $26.59. The stock has a market capitalization of $583.73 million, a PE ratio of -0.73, a price-to-earnings-growth ratio of 0.44 and a beta of 1.81. The stock has a 50-day moving average price of $5.34 and a two-hundred day moving average price of $8.20. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.06 by $0.13. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. As a group, sell-side analysts predict that Fortrea will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Fortrea

Several institutional investors and hedge funds have recently modified their holdings of FTRE. Raymond James Financial Inc. purchased a new stake in shares of Fortrea in the fourth quarter worth about $1,082,000. Sei Investments Co. boosted its position in shares of Fortrea by 45.4% in the fourth quarter. Sei Investments Co. now owns 56,499 shares of the company's stock worth $1,054,000 after buying an additional 17,638 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Fortrea in the fourth quarter valued at about $300,000. Vanguard Group Inc. boosted its holdings in Fortrea by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company's stock valued at $184,341,000 after purchasing an additional 120,599 shares during the last quarter. Finally, Prudential Financial Inc. boosted its holdings in Fortrea by 13.0% in the fourth quarter. Prudential Financial Inc. now owns 102,835 shares of the company's stock valued at $1,918,000 after purchasing an additional 11,859 shares during the last quarter.

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.