Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $4.66, but opened at $5.00. Fortrea shares last traded at $5.69, with a volume of 607,870 shares traded.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on FTRE shares. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Mizuho decreased their price target on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Truist Financial assumed coverage on shares of Fortrea in a research report on Friday, May 2nd. They set a "hold" rating and a $7.00 target price for the company. Barclays cut their price objective on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Tuesday, May 13th. Finally, Cowen reaffirmed a "hold" rating on shares of Fortrea in a research note on Wednesday, May 14th. Two 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, Fortrea has a consensus rating of "Hold" and an average target price of $14.00.
Check Out Our Latest Research Report on Fortrea
Fortrea Price Performance
The business has a fifty day moving average of $4.99 and a 200 day moving average of $9.02. The firm has a market cap of $593.23 million, a P/E ratio of -0.75, a PEG ratio of 0.43 and a beta of 1.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.22.
Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, beating 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 business had revenue of $651.30 million for the quarter, compared to analysts' expectations of $609.63 million. On average, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in shares of Fortrea by 736.6% in the first 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 period. Allspring Global Investments Holdings LLC increased its position in Fortrea by 56.6% in the 1st 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 period. KLP Kapitalforvaltning AS bought a new position in Fortrea during the 4th quarter worth $300,000. Wealth Enhancement Advisory Services LLC bought a new stake in Fortrea in the first quarter valued at approximately $119,000. Finally, Alliancebernstein L.P. raised its position in shares of Fortrea by 107.3% in the 4th quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock worth $2,086,000 after acquiring an additional 57,879 shares in the last quarter.
Fortrea Company Profile
(
Get Free Report)
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.
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