Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Target Price at $15.00

Fortrea Holdings Inc. (NASDAQ:FTRE) has been assigned a consensus recommendation of “Reduce” from the fourteen analysts that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and twelve have issued a hold recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $15.00.

A number of analysts recently issued reports on the stock. Evercore ISI lowered their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. Mizuho lowered their price target on shares of Fortrea from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, May 14th. Cowen reissued a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. The Goldman Sachs Group lowered their price target on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, May 14th. Finally, Robert W. Baird set a $12.00 price target on shares of Fortrea in a report on Tuesday, March 4th.

Fortrea Stock Down 4.2%

NASDAQ:FTRE opened at $4.06 on Monday. The firm has a market capitalization of $367.43 million, a P/E ratio of -1.19, a PEG ratio of 1.78 and a beta of 2.15. Fortrea has a 1-year low of $3.99 and a 1-year high of $28.41. The company’s fifty day moving average price is $6.11 and its 200-day moving average price is $13.49. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. As a group, equities research analysts anticipate that Fortrea will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Hedge funds and other institutional investors have recently modified their holdings of the business. Brooklyn Investment Group lifted its stake in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after buying an additional 3,831 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea in the fourth quarter worth about $30,000. GF Fund Management CO. LTD. purchased a new position in shares of Fortrea in the fourth quarter worth about $35,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Fortrea in the first quarter worth about $39,000. Finally, Quarry LP lifted its stake in shares of Fortrea by 73.4% in the first quarter. Quarry LP now owns 7,567 shares of the company’s stock worth $57,000 after buying an additional 3,202 shares in the last quarter.

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.