The Goldman Sachs Group Issues Pessimistic Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its price objective lowered by equities researchers at The Goldman Sachs Group from $22.00 to $11.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 7.26% from the company’s current price.

Other research analysts also recently issued reports about the stock. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and cut their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. TD Cowen boosted their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Barclays lowered their price target on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.80.

Fortrea Stock Down 26.0 %

FTRE stock opened at $10.26 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock’s 50 day moving average is $16.81 and its 200-day moving average is $19.09. Fortrea has a twelve month low of $9.55 and a twelve month high of $41.02. The firm has a market capitalization of $919.87 million, a PE ratio of -2.92, a P/E/G ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million for the quarter, compared to analysts’ expectations 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 in the prior year, the business earned $0.19 earnings per share. Sell-side analysts expect that Fortrea will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 12,386 shares of company stock worth $219,751. Corporate insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Hara Capital LLC bought a new position in shares of Fortrea in the 3rd quarter worth $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fortrea during the fourth quarter worth about $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea during the 4th quarter valued at about $35,000. Covestor Ltd raised its position in Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after buying an additional 572 shares during the period.

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.