Fortrea (NASDAQ:FTRE) Upgraded by Baird R W to Strong-Buy Rating

Key Points

• Fortrea's stock was upgraded to a "strong-buy" rating by Baird R W, reflecting a potential shift in investor sentiment.
• The company has reported a revenue of $651.30 million for the quarter, surpassing analysts' expectations.
• Currently, Fortrea has a consensus rating of "Hold" among analysts, with a target price of $13.73.

Fortrea (NASDAQ:FTRE - Get Free Report) was upgraded by stock analysts at Baird R W from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Truist Financial assumed coverage on Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 target price on the stock. Evercore ISI dropped their price target on shares of Fortrea from $6.00 to $5.00 and set an "in-line" rating for the company in a research note on Wednesday, July 9th. Barclays decreased their target price on Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research note on Tuesday, May 13th. Cowen reiterated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Finally, Robert W. Baird raised shares of Fortrea from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $7.00 to $9.00 in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $13.73.

Fortrea Trading Up 0.3%

Shares of NASDAQ FTRE opened at $6.58 on Monday. Fortrea has a 12-month low of $3.97 and a 12-month high of $26.59. 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's 50 day simple moving average is $5.39 and its 200 day simple moving average is $8.19. The company has a market cap of $595.49 million, a price-to-earnings ratio of -0.75, a price-to-earnings-growth ratio of 0.45 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. The firm had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. Equities research analysts expect that Fortrea will post 0.51 EPS for the current year.

Institutional Investors Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group lifted its holdings in shares of Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after buying an additional 3,831 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fortrea during the 4th quarter valued at about $30,000. GF Fund Management CO. LTD. bought a new position in shares of Fortrea in the 4th quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Fortrea in the first quarter worth approximately $39,000. Finally, waypoint wealth counsel purchased a new stake in shares of Fortrea in the 2nd quarter worth $53,000.

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.