Mizuho Cuts Fortrea (NASDAQ:FTRE) Price Target to $7.00

Fortrea (NASDAQ:FTRE - Free Report) had its target price lowered by Mizuho from $8.00 to $7.00 in a research report released on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

FTRE has been the topic of a number of other reports. Truist Financial assumed coverage on shares of Fortrea in a research report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target on the stock. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. The Goldman Sachs Group lowered their target price on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 14th. Cowen reissued a "hold" rating on shares of Fortrea in a research note on Wednesday, May 14th. Finally, Barclays lowered their price objective on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $14.00.

Fortrea Stock Down 3.0%

NASDAQ FTRE traded down $0.16 during trading hours on Friday, reaching $5.11. 1,398,739 shares of the company traded hands, compared to its average volume of 1,962,278. Fortrea has a 12 month low of $3.97 and a 12 month high of $28.41. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $462.46 million, a PE ratio of -0.58, a PEG ratio of 0.36 and a beta of 1.76. The company has a 50 day moving average of $5.05 and a two-hundred day moving average of $9.77.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. Fortrea had a negative net margin of 29.43% and a positive return on equity of 2.84%. The company had revenue of $651.30 million for the quarter, compared to the consensus estimate of $609.63 million. As a group, equities analysts expect that Fortrea will post 0.51 earnings per share for the current year.

Institutional Trading of Fortrea

A number of institutional investors have recently added to or reduced their stakes in FTRE. Brooklyn Investment Group raised its position in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after purchasing an additional 3,831 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fortrea in the fourth quarter valued at approximately $30,000. GF Fund Management CO. LTD. bought a new position in shares of Fortrea in the fourth quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Fortrea in the first quarter valued at approximately $39,000. Finally, Quarry LP increased its position in Fortrea by 73.4% during the first quarter. Quarry LP now owns 7,567 shares of the company's stock worth $57,000 after acquiring an additional 3,202 shares during the period.

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.