Barclays Has Lowered Expectations for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its price objective dropped by stock analysts at Barclays from $25.00 to $12.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 15.61% from the company’s previous close.

A number of other research firms also recently weighed in on FTRE. Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. TD Cowen boosted their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Finally, Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.00.

Fortrea Price Performance

FTRE opened at $10.38 on Tuesday. The stock has a fifty day moving average price of $16.81 and a 200 day moving average price of $19.09. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 1 year low of $9.55 and a 1 year high of $41.02. The stock has a market cap of $931.09 million, a price-to-earnings ratio of -3.04, a PEG ratio of 1.78 and a beta of 1.20.

Fortrea (NASDAQ:FTRE) last announced its quarterly 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). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Analysts forecast 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 stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 12,386 shares of company stock valued at $219,751. 0.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Pacer Advisors Inc. grew its position in Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares in the last quarter. FMR LLC grew its holdings in shares of Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after purchasing an additional 3,265,402 shares in the last quarter. Corvex Management LP increased its position in shares of Fortrea by 56.7% during the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after purchasing an additional 1,260,156 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Fortrea in the fourth quarter valued at $7,787,000. Finally, Starboard Value LP lifted its position in Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after purchasing an additional 400,000 shares during the period.

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.