Robert W. Baird Issues Positive Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Key Points

• Research analysts at Robert W. Baird have raised the price target for Fortrea (NASDAQ: FTRE) from $9.00 to $14.00, suggesting a potential upside of 39.86%.
• The company's quarterly earnings exceeded expectations, reporting $0.19 EPS, compared to the consensus estimate of $0.06, with revenues of $710.30 million.
• Fortrea's stock has experienced significant analyst activity, with a current average rating of "Hold" and a market capitalization of approximately $908.91 million.

Fortrea (NASDAQ:FTRE - Free Report) had its target price hoisted by Robert W. Baird from $9.00 to $14.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. Robert W. Baird currently has an outperform rating on the stock.

Other analysts also recently issued reports about the company. The Goldman Sachs Group dropped their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Mizuho dropped their target price on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Barclays reissued an "underweight" rating and issued a $6.00 target price (up previously from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Finally, Citigroup reissued a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. One research 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 company's stock. Based on data from MarketBeat, Fortrea has an average rating of "Hold" and a consensus price target of $12.78.

Fortrea Price Performance

FTRE stock traded up $1.12 during mid-day trading on Wednesday, hitting $11.63. The stock had a trading volume of 2,119,135 shares, compared to its average volume of 1,855,416. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea has a 52 week low of $3.97 and a 52 week high of $25.28. The firm has a market capitalization of $1.06 billion, a P/E ratio of -1.02 and a beta of 1.91. The firm has a fifty day simple moving average of $6.90 and a 200 day simple moving average of $6.97.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating 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 forecast that Fortrea will post 0.51 EPS for the current year.

Insider Transactions at Fortrea

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 transaction of $39,136.86. Following the sale, the chief financial officer directly owned 54,770 shares in the company, valued at approximately $438,707.70. The trade was a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of Fortrea stock in a transaction dated Monday, August 11th. The shares were purchased at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the acquisition, the director owned 98,132 shares of the company's stock, valued at approximately $614,306.32. The trade was a 49.52% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 72,354 shares of company stock worth $507,168. Insiders own 0.38% of the company's stock.

Institutional Trading of Fortrea

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in Fortrea by 736.6% in the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock valued at $59,000 after acquiring an additional 6,909 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Fortrea by 56.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company's stock valued at $122,000 after acquiring an additional 6,270 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Fortrea in the first quarter valued at approximately $119,000. Ameriprise Financial Inc. boosted its holdings in Fortrea by 54.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock valued at $9,356,000 after acquiring an additional 177,608 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Fortrea by 960.3% in the first 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 in the last quarter.

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.