Fortrea (NASDAQ:FTRE) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Fortrea (NASDAQ:FTRE) has been downgraded by Wall Street Zen from a "buy" to a "hold" rating.
• Several analysts have raised their target prices for Fortrea, with a consensus rating of "Hold" and an average price target of $12.17.
• The company's market cap stands at $878.94 million, and they reported a revenue of $693.90 million for the last quarter.

Fortrea (NASDAQ:FTRE - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

FTRE has been the topic of several other reports. Evercore ISI lifted their target price on Fortrea from $7.00 to $11.00 and gave the stock an "in-line" rating in a report on Wednesday. Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Jefferies Financial Group lifted their target price on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a report on Tuesday, September 9th. Barclays lifted their target price on Fortrea from $6.00 to $8.00 and gave the stock an "underweight" rating in a report on Thursday, October 2nd. Finally, Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $12.17.

Fortrea Trading Down 10.0%

NASDAQ FTRE opened at $9.68 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea has a twelve month low of $3.97 and a twelve month high of $25.28. The company has a market cap of $878.94 million, a price-to-earnings ratio of -0.85 and a beta of 1.81. The business's fifty day moving average is $9.05 and its 200 day moving average is $6.73.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%.The company had revenue of $693.90 million for the quarter. As a group, sell-side analysts expect that Fortrea will post 0.51 EPS for the current fiscal year.

Insider Activity

In other news, CFO Jill G. Mcconnell sold 4,886 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value of $39,136.86. Following the transaction, the chief financial officer directly owned 54,770 shares of the company's stock, valued at $438,707.70. The trade was a 8.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Erin L. Russell acquired 9,854 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was acquired at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the purchase, the director directly owned 9,854 shares in the company, valued at $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP increased its position in Fortrea by 6,802.4% in the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company's stock valued at $28,000 after buying an additional 5,578 shares in the last quarter. Brooklyn Investment Group increased its position in Fortrea by 9,577.5% in the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after buying an additional 3,831 shares in the last quarter. Osaic Holdings Inc. increased its position in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock valued at $38,000 after buying an additional 2,918 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Fortrea in the 1st quarter valued at about $39,000. Finally, Tower Research Capital LLC TRC increased its position in Fortrea by 137.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock valued at $43,000 after buying an additional 5,036 shares in the last quarter.

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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