Fortrea (NASDAQ:FTRE) Price Target Lowered to $21.00 at Barclays

Fortrea (NASDAQ:FTRE) had its price target cut by analysts at Barclays from $30.00 to $21.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential upside of 4.79% from the stock’s previous close.

Several other research firms have also weighed in on FTRE. Evercore ISI lowered Fortrea from an “outperform” rating to an “in-line” rating and lowered their price target for the stock from $31.00 to $27.00 in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their target price on Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research report on Thursday, May 23rd. Mizuho began coverage on Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price objective for the company. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Monday. Finally, The Goldman Sachs Group began coverage on Fortrea in a research report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortrea has an average rating of “Hold” and a consensus target price of $29.60.

Fortrea Trading Down 20.3 %

NASDAQ FTRE opened at $20.04 on Tuesday. The firm has a market cap of $1.79 billion and a P/E ratio of -14.42. 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 stock’s 50-day moving average is $24.99 and its 200-day moving average is $31.30. Fortrea has a one year low of $18.07 and a one year high of $41.02.

Insiders Place Their Bets

In related news, General Counsel James S. Hanson purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average price of $25.30 per share, for a total transaction of $50,600.00. Following 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 can be accessed through this hyperlink. In related news, CEO Thomas Pike bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought 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 in the company, valued at $1,434,687.87. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel James S. Hanson purchased 2,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $25.30 per share, with a total value of $50,600.00. Following the purchase, 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. Company insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FTRE. Sei Investments Co. lifted its stake in Fortrea by 311.2% in the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after purchasing an additional 59,690 shares during the last quarter. Cohen Capital Management Inc. acquired a new position in Fortrea during the fourth quarter valued at $1,873,000. Jennison Associates LLC acquired a new position in shares of Fortrea in the first quarter worth about $6,560,000. First Eagle Investment Management LLC boosted its stake in shares of Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after acquiring an additional 169,882 shares in the last quarter. Finally, Amalgamated Bank purchased a new stake in shares of Fortrea during the 4th quarter worth about $1,320,000.

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.