Fortrea (NASDAQ:FTRE) Now Covered by Truist Financial

Truist Financial initiated coverage on shares of Fortrea (NASDAQ:FTRE - Free Report) in a research report report published on Friday, MarketBeat.com reports. The brokerage issued a hold rating and a $7.00 target price on the stock.

A number of other research firms also recently commented on FTRE. Barclays reissued an "underweight" rating and issued a $6.00 price objective (down previously from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Mizuho dropped their price target on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Finally, Evercore ISI dropped their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat, Fortrea has an average rating of "Hold" and an average price target of $15.82.

Fortrea Stock Performance

FTRE traded up $0.18 during trading on Friday, reaching $6.26. 1,299,904 shares of the company were exchanged, compared to its average volume of 1,666,395. The firm has a 50 day moving average of $7.93 and a 200 day moving average of $14.76. The stock has a market cap of $566.78 million, a P/E ratio of -1.83, a PEG ratio of 1.78 and a beta of 2.15. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 52 week low of $4.77 and a 52 week high of $37.24.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million during the quarter, compared to analyst estimates 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 business earned $0.19 earnings per share. On average, sell-side analysts forecast that Fortrea will post 0.51 EPS for the current fiscal year.

Institutional Trading of Fortrea

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. raised its holdings in Fortrea by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company's stock valued at $184,341,000 after acquiring an additional 120,599 shares in the last quarter. FMR LLC grew its stake in Fortrea by 67.7% during the fourth quarter. FMR LLC now owns 8,086,806 shares of the company's stock worth $150,819,000 after buying an additional 3,265,402 shares during the last quarter. Corvex Management LP increased its holdings in Fortrea by 56.7% during the 4th 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. acquired a new position in Fortrea during the 1st quarter worth about $9,232,000. Finally, Penn Davis Mcfarland Inc. lifted its position in shares of Fortrea by 0.8% during the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company's stock worth $20,628,000 after purchasing an additional 8,884 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.