Fortrea (NASDAQ:FTRE) Stock Price Up 5.3% - Should You Buy?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) shot up 5.3% during trading on Monday . The company traded as high as $6.28 and last traded at $6.24. 194,689 shares traded hands during trading, a decline of 88% from the average session volume of 1,642,232 shares. The stock had previously closed at $5.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FTRE shares. Robert W. Baird set a $12.00 target price on Fortrea in a report on Tuesday, March 4th. Truist Financial assumed coverage on Fortrea in a research note on Friday. They issued a "hold" rating and a $7.00 price objective on the stock. Mizuho reduced their price objective on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. William Blair reiterated a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Evercore ISI cut their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $15.82.

Fortrea Trading Up 0.9 %

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock's 50 day moving average price is $8.10 and its 200-day moving average price is $14.92. The stock has a market capitalization of $553.38 million, a PE ratio of -1.80, a PEG ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter in the prior year, the firm posted $0.19 earnings per share. On average, sell-side analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in FTRE. FMR LLC boosted its position in Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company's stock valued at $150,819,000 after buying an additional 3,265,402 shares during the period. Corvex Management LP boosted its stake in shares of Fortrea by 56.7% during the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock valued at $64,919,000 after purchasing an additional 1,260,156 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Fortrea in the first quarter worth approximately $9,232,000. Point72 Asset Management L.P. bought a new position in Fortrea in the fourth quarter worth approximately $7,787,000. Finally, Renaissance Technologies LLC boosted its position in Fortrea by 2,996.0% during the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company's stock valued at $6,005,000 after acquiring an additional 311,582 shares in the last quarter.

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.