Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Recommendation of “Hold” from Brokerages

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned a consensus rating of “Hold” from the twelve analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $31.70.

Several equities analysts recently commented on FTRE shares. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Mizuho began coverage on Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price on the stock. Robert W. Baird upgraded shares of Fortrea from a “neutral” rating to an “outperform” rating and lowered their price target for the stock from $45.00 to $36.00 in a report on Tuesday, May 14th. Barclays began coverage on shares of Fortrea in a research note on Wednesday, July 24th. They issued an “equal weight” rating and a $30.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research note on Thursday, May 23rd.

Fortrea Trading Up 1.4 %

Shares of FTRE stock opened at $27.29 on Tuesday. The stock has a 50 day simple moving average of $24.95 and a 200 day simple moving average of $31.67. Fortrea has a 1 year low of $22.15 and a 1 year high of $41.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. The stock has a market cap of $2.44 billion and a P/E ratio of -19.63.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. Fortrea’s revenue for the quarter was down 4.6% compared to the same quarter last year. On average, research analysts predict that Fortrea will post 0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Thomas Pike acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was purchased at an average cost of $24.81 per share, with a total value of $248,100.00. Following the acquisition, the chief executive officer now owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Thomas Pike bought 10,000 shares of Fortrea stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the purchase, the chief executive officer now directly owns 57,827 shares in the company, valued at approximately $1,434,687.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel James S. Hanson acquired 2,000 shares of Fortrea stock in a transaction on Wednesday, June 12th. The stock was purchased at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the transaction, the general counsel now directly owns 7,475 shares in the company, valued at approximately $189,117.50. The disclosure for this purchase can be found here. 0.12% of the stock is owned by company insiders.

Institutional Trading of Fortrea

Hedge funds have recently added to or reduced their stakes in the stock. Whittier Trust Co. purchased a new stake in shares of Fortrea during the 4th quarter worth approximately $25,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Fortrea during the 4th quarter valued at $25,000. ZRC Wealth Management LLC bought a new position in shares of Fortrea during the 4th quarter worth $27,000. Allworth Financial LP purchased a new stake in Fortrea in the 4th quarter worth about $28,000. Finally, Glassman Wealth Services bought a new stake in Fortrea in the 4th quarter valued at about $28,000.

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.