Fortrea (NASDAQ:FTRE) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Zacks Research has downgraded Fortrea from a "strong buy" to a "hold" rating, indicating a shift in analyst sentiment towards the stock.
• Fortrea’s average rating is now "Hold" with an average target price of $12.39, following various ratings adjustments by multiple financial institutions.
• The company reported a 0.37 EPS for the last quarter with revenues of $693.90 million, and it has seen significant insider transactions in recent months.

Fortrea (NASDAQ:FTRE - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

Other analysts also recently issued reports about the company. Citigroup reissued a "neutral" rating on shares of Fortrea in a research report on Tuesday, October 7th. Jefferies Financial Group raised their target price on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a research report on Tuesday, September 9th. Barclays raised their target price on Fortrea from $6.00 to $8.00 and gave the stock an "underweight" rating in a research report on Thursday, October 2nd. Robert W. Baird raised their target price on Fortrea from $9.00 to $14.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 3rd. Finally, Mizuho raised their target price on Fortrea from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $12.39.

Fortrea Stock Performance

Shares of FTRE opened at $10.39 on Monday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $943.41 million, a price-to-earnings ratio of -0.91, a PEG ratio of 0.44 and a beta of 1.81. The stock has a 50 day moving average of $9.49 and a 200 day moving average of $6.84. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28.

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

Insider Transactions at Fortrea

In related news, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the sale, the chief financial officer owned 54,770 shares of the company's stock, valued at approximately $438,707.70. This trade represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter M. Neupert acquired 32,500 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average cost of $6.26 per share, with a total value of $203,450.00. Following the purchase, the director directly owned 98,132 shares of the company's stock, valued at $614,306.32. This trade represents a 49.52% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. Corporate insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On Fortrea

Large investors have recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Fortrea by 8.2% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,235 shares of the company's stock worth $115,000 after purchasing an additional 1,769 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in Fortrea by 1.0% during the second quarter. Sequoia Financial Advisors LLC now owns 176,159 shares of the company's stock worth $870,000 after purchasing an additional 1,802 shares during the last quarter. Verdence Capital Advisors LLC lifted its stake in Fortrea by 12.8% during the second quarter. Verdence Capital Advisors LLC now owns 16,046 shares of the company's stock worth $79,000 after purchasing an additional 1,827 shares during the last quarter. GAMMA Investing LLC lifted its stake in Fortrea by 88.2% during the third quarter. GAMMA Investing LLC now owns 6,043 shares of the company's stock worth $51,000 after purchasing an additional 2,832 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock worth $38,000 after purchasing an additional 2,918 shares during 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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