Citigroup Lowers Fortrea (NASDAQ:FTRE) Price Target to $30.00

Fortrea (NASDAQ:FTRE) had its price target decreased by investment analysts at Citigroup from $42.00 to $30.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 44.16% from the stock’s current price.

Several other equities research analysts also recently commented on FTRE. Mizuho started coverage on shares of Fortrea in a report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price objective on the stock. Robert W. Baird dropped their price objective on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday. Bank of America dropped their price objective on shares of Fortrea from $27.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, July 18th. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 14th. Finally, Barclays dropped their price objective on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $28.60.

Fortrea Stock Performance

FTRE traded up $0.77 during trading on Tuesday, hitting $20.81. 410,268 shares of the company traded hands, compared to its average volume of 1,176,339. The firm has a market cap of $1.86 billion and a P/E ratio of -14.94. The stock’s fifty day moving average is $24.99 and its 200 day moving average is $31.30. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98. Fortrea has a one year low of $18.07 and a one year high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. Fortrea’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. As a group, equities analysts predict that Fortrea will post 0.72 EPS for the current fiscal year.

Insider Transactions at Fortrea

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Glassman Wealth Services bought a new position in Fortrea during the fourth quarter valued at approximately $28,000. Concord Wealth Partners grew its position in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after acquiring an additional 521 shares during the last quarter. Parallel Advisors LLC bought a new position in Fortrea during the fourth quarter valued at approximately $36,000. nVerses Capital LLC bought a new position in Fortrea during the second quarter valued at approximately $26,000. Finally, Gladius Capital Management LP bought a new position in Fortrea during the fourth quarter valued at approximately $39,000.

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.