Fortrea (NASDAQ:FTRE) Earns Neutral Rating from Analysts at Mizuho

Mizuho initiated coverage on shares of Fortrea (NASDAQ:FTRE) in a report released on Tuesday morning, MarketBeat.com reports. The firm issued a neutral rating and a $27.00 target price on the stock.

A number of other research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortrea from $36.00 to $28.00 and set a hold rating for the company in a report on Thursday, May 23rd. Bank of America decreased their target price on shares of Fortrea from $33.00 to $27.00 and set an underperform rating for the company in a research report on Tuesday, May 14th. Evercore ISI cut their price target on Fortrea from $43.00 to $31.00 and set an outperform rating on the stock in a report on Tuesday, May 14th. Robert W. Baird upgraded Fortrea from a neutral rating to an outperform rating and cut their price target for the stock from $45.00 to $36.00 in a report on Tuesday, May 14th. Finally, Baird R W upgraded Fortrea from a hold rating to a strong-buy rating in a report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortrea has a consensus rating of Moderate Buy and an average price target of $32.78.

Fortrea Price Performance

NASDAQ:FTRE opened at $24.22 on Tuesday. Fortrea has a one year low of $24.18 and a one year high of $41.02. The company has a market cap of $2.17 billion and a P/E ratio of -17.42. The firm’s fifty day moving average price is $34.56 and its two-hundred day moving average price is $33.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.62.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.10 million for the quarter, compared to the consensus estimate of $754.58 million. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. Equities analysts expect that Fortrea will post 0.8 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Thomas Pike bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the acquisition, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.12% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently made changes to their positions in FTRE. Banyan Capital Management Inc. purchased a new position in shares of Fortrea in the 4th quarter worth about $816,000. Daymark Wealth Partners LLC bought a new stake in Fortrea in the 4th quarter valued at about $254,000. Nordea Investment Management AB bought a new stake in shares of Fortrea during the fourth quarter valued at about $747,000. Raymond James Trust N.A. bought a new stake in shares of Fortrea during the fourth quarter valued at about $363,000. Finally, FORVIS Wealth Advisors LLC bought a new stake in shares of Fortrea during the fourth quarter valued at about $244,000.

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.