Fortrea (NASDAQ:FTRE) Price Target Raised to $25.00 at TD Cowen

Fortrea (NASDAQ:FTRE) had its price objective raised by TD Cowen from $23.00 to $25.00 in a research note released on Monday morning,Benzinga reports. They currently have a hold rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Bank of America reduced their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. Evercore ISI dropped their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Friday. Finally, The Goldman Sachs Group reduced their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $24.50.

Fortrea Price Performance

Shares of NASDAQ FTRE traded down $0.05 during midday trading on Monday, reaching $22.70. The stock had a trading volume of 24,666 shares, compared to its average volume of 1,294,684. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. The stock has a 50-day moving average of $19.69 and a 200-day moving average of $23.89. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -6.65, a price-to-earnings-growth ratio of 3.78 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business’s revenue was down 5.4% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. As a group, research analysts anticipate that Fortrea will post 0.59 EPS for the current fiscal year.

Institutional Trading of Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in Fortrea in the 2nd quarter valued at $26,000. Gladius Capital Management LP bought a new stake in Fortrea during the 2nd quarter valued at about $30,000. Hara Capital LLC purchased a new stake in Fortrea in the 3rd quarter valued at about $29,000. Blue Trust Inc. grew its stake in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after acquiring an additional 1,434 shares in the last quarter. Finally, Covestor Ltd increased its position in shares of Fortrea by 420.8% during the first quarter. Covestor Ltd now owns 2,083 shares of the company’s stock worth $84,000 after acquiring an additional 1,683 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.