Fortrea (NASDAQ:FTRE) PT Lowered to $21.00 at Bank of America

Fortrea (NASDAQ:FTRE) had its target price cut by equities research analysts at Bank of America from $26.00 to $21.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price objective would suggest a potential downside of 3.18% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Citigroup reduced their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays lowered their price objective on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research report on Tuesday. The Goldman Sachs Group started coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective for the company. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, Evercore ISI cut shares of Fortrea from an “outperform” rating to an “in-line” rating and decreased their target price for the stock from $31.00 to $27.00 in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $28.10.

Fortrea Price Performance

Shares of FTRE stock traded up $1.65 during midday trading on Tuesday, reaching $21.69. 1,506,612 shares of the company traded hands, compared to its average volume of 1,184,304. The firm’s 50 day simple moving average is $24.99 and its two-hundred day simple moving average is $31.30. Fortrea has a 1-year low of $18.07 and a 1-year high of $41.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. The firm has a market cap of $1.94 billion and a PE ratio of -15.73.

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

Insider Transactions at Fortrea

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

Institutional Trading of Fortrea

Large investors have recently modified their holdings of the company. Glassman Wealth Services bought a new stake in shares of Fortrea during the 4th quarter worth $28,000. Concord Wealth Partners lifted its holdings in shares of Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after acquiring an additional 521 shares during the period. Parallel Advisors LLC acquired a new stake in shares of Fortrea during the 4th quarter worth about $36,000. nVerses Capital LLC acquired a new stake in shares of Fortrea during the 2nd quarter worth about $26,000. Finally, Gladius Capital Management LP bought a new position in Fortrea in 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.