Fortrea (NASDAQ:FTRE) Price Target Cut to $5.00 by Analysts at Evercore ISI

Fortrea (NASDAQ:FTRE - Free Report) had its target price lowered by Evercore ISI from $6.00 to $5.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an in-line rating on the stock.

Several other equities research analysts also recently weighed in on FTRE. Mizuho cut their price objective on Fortrea from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Wednesday, May 14th. Citigroup reissued a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Cowen reissued a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Truist Financial started coverage on Fortrea in a report on Friday, May 2nd. They set a "hold" rating and a $7.00 price objective on the stock. Finally, Barclays decreased their target price on Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 13th. Two analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $14.00.

Fortrea Stock Performance

Shares of FTRE traded down $0.16 during mid-day trading on Wednesday, reaching $5.11. The company's stock had a trading volume of 1,398,739 shares, compared to its average volume of 1,962,480. Fortrea has a 1-year low of $3.97 and a 1-year high of $28.41. The stock has a market cap of $462.46 million, a P/E ratio of -0.58, a PEG ratio of 0.35 and a beta of 1.76. The business has a 50-day simple moving average of $5.05 and a two-hundred day simple moving average of $9.71. 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 posted its quarterly earnings data on Monday, May 12th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. The firm had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. As a group, equities research analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Fortrea by 736.6% during the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock valued at $59,000 after purchasing an additional 6,909 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Fortrea in the fourth quarter worth about $300,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Fortrea in the first quarter worth about $119,000. Alliancebernstein L.P. increased its holdings in shares of Fortrea by 107.3% in the fourth quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock worth $2,086,000 after purchasing an additional 57,879 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Fortrea in the fourth quarter worth about $1,082,000.

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.