Fortrea (NASDAQ:FTRE) Stock Rating Upgraded by Wall Street Zen

Key Points

• Fortrea's stock rating has been upgraded from "hold" to "buy" by Wall Street Zen, indicating increased analyst confidence in the company's prospects.
• Fortrea's shares have seen significant activity, with price targets set between $6.00 and $12.39 by various analysts following their recent performance.
• Insider trading activity includes the CFO selling 4,886 shares while a director purchased 9,854 shares, reflecting varying levels of confidence among company executives.

Fortrea (NASDAQ:FTRE - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Sunday.

Several other research analysts also recently weighed in on the stock. Citigroup restated a "neutral" rating on shares of Fortrea in a research note on Tuesday, October 7th. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Barclays upped their price target on shares of Fortrea from $6.00 to $8.00 and gave the company an "underweight" rating in a report on Thursday, October 2nd. Zacks Research raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 7th. Finally, Mizuho increased their target price on shares of Fortrea from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $12.39.

Fortrea Price Performance

FTRE opened at $9.45 on Friday. The company has a quick ratio of 1.02, a current 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 company has a 50 day moving average of $9.34 and a two-hundred day moving average of $6.78. The company has a market cap of $858.06 million, a P/E ratio of -0.83 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Friday, May 24th. The company reported $0.37 earnings per share (EPS) for the quarter. The company had revenue of $693.90 million during the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. On average, analysts expect that Fortrea will post 0.51 earnings per share for the current year.

Insider Transactions at Fortrea

In other news, CFO Jill G. Mcconnell sold 4,886 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the transaction, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. This represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Erin L. Russell purchased 9,854 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were purchased at an average price of $10.15 per share, with a total value of $100,018.10. Following the transaction, the director directly owned 9,854 shares of the company's stock, valued at approximately $100,018.10. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 72,354 shares of company stock worth $507,168 and sold 10,311 shares worth $94,635. Insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On Fortrea

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP boosted its position in shares of Fortrea by 6,802.4% during the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company's stock valued at $28,000 after purchasing an additional 5,578 shares in the last quarter. Brooklyn Investment Group boosted its position 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 purchasing an additional 3,831 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock valued at $38,000 after purchasing an additional 2,918 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Fortrea during the 1st quarter valued at about $39,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Fortrea by 137.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock valued at $43,000 after purchasing an additional 5,036 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.

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