Fortrea (NASDAQ:FTRE) Given New $9.50 Price Target at Jefferies Financial Group

Key Points

• Analysts at Jefferies Financial Group have raised the price target for Fortrea (NASDAQ:FTRE) from $7.00 to $9.50, indicating a potential downside of 7.95% from the current price.
• The company reported earnings of $0.19 per share, exceeding expectations by $0.13, with quarterly revenue reaching $710.30 million.
• Insider trading activity included significant purchases by Director Peter M. Neupert, who increased his stake by 49.52%, acquiring shares at an average cost of $6.26.

Fortrea (NASDAQ:FTRE - Get Free Report) had its price objective raised by analysts at Jefferies Financial Group from $7.00 to $9.50 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "hold" rating on the stock. Jefferies Financial Group's target price indicates a potential downside of 7.95% from the stock's current price.

Several other research firms have also issued reports on FTRE. Cowen reaffirmed a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Barclays reissued an "underweight" rating and issued a $6.00 price objective (up from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Citigroup reissued a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Evercore ISI increased their price objective on shares of Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Finally, Robert W. Baird increased their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $11.50.

Fortrea Stock Performance

NASDAQ FTRE opened at $10.32 on Tuesday. 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 firm's fifty day moving average price is $7.01 and its two-hundred day moving average price is $6.88. Fortrea has a 1 year low of $3.97 and a 1 year high of $25.28. The firm has a market capitalization of $937.06 million, a P/E ratio of -0.91 and a beta of 1.88.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.13. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The firm had revenue of $710.30 million for the quarter, compared to analyst estimates of $631.61 million. As a group, research analysts anticipate that Fortrea will post 0.51 EPS for the current year.

Insider Buying and Selling

In other Fortrea news, Director Peter M. Neupert bought 32,500 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the transaction, the director directly owned 98,132 shares in the company, valued at approximately $614,306.32. This represents a 49.52% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction that occurred 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 sale, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. This represents a 8.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired a total of 72,354 shares of company stock worth $507,168 in the last ninety days. Company insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock worth $59,000 after purchasing an additional 6,909 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Fortrea by 56.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company's stock worth $122,000 after purchasing an additional 6,270 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Fortrea during the 1st quarter worth approximately $119,000. Ameriprise Financial Inc. raised its holdings in Fortrea by 54.8% during the 4th 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, SG Americas Securities LLC raised its holdings in Fortrea by 960.3% during the 1st quarter. SG Americas Securities LLC now owns 129,318 shares of the company's stock worth $976,000 after purchasing an additional 117,122 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.