Fortrea (NASDAQ:FTRE) Now Covered by Analysts at Truist Financial

Truist Financial started coverage on shares of Fortrea (NASDAQ:FTRE - Free Report) in a research note issued to investors on Friday morning, MarketBeat reports. The brokerage issued a hold rating and a $7.00 target price on the stock.

A number of other equities research analysts have also recently commented on the stock. The Goldman Sachs Group lowered their price target on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Barclays restated an "underweight" rating and issued a $6.00 price objective (down from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Evercore ISI reduced their target price on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research note on Tuesday, March 4th. Finally, William Blair reaffirmed a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $15.82.

Fortrea Price Performance

FTRE stock traded up $0.11 during trading on Friday, reaching $5.62. 681,136 shares of the company were exchanged, compared to its average volume of 1,667,185. The company has a market capitalization of $508.93 million, a price-to-earnings ratio of -1.65, a P/E/G ratio of 1.78 and a beta of 2.15. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a 50-day moving average of $7.57 and a two-hundred day moving average of $14.60. Fortrea has a twelve month low of $4.77 and a twelve month high of $37.24.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million for 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 period last year, the company posted $0.19 EPS. As a group, equities analysts predict that Fortrea will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Several hedge funds have recently made changes to their positions in FTRE. JPMorgan Chase & Co. grew its position in Fortrea by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock valued at $7,288,000 after acquiring an additional 63,766 shares during the last quarter. Penn Davis Mcfarland Inc. lifted its stake 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 buying an additional 8,884 shares during the period. SG Americas Securities LLC purchased a new stake in Fortrea during the 4th quarter valued at about $227,000. Whalen Wealth Management Inc. purchased a new position in Fortrea during the 4th quarter worth approximately $204,000. Finally, KBC Group NV raised its holdings in shares of Fortrea by 5.0% during the fourth quarter. KBC Group NV now owns 35,031 shares of the company's stock worth $654,000 after purchasing an additional 1,659 shares during 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.