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

Fortrea Holdings Inc. (NASDAQ:FTRE) has been given a consensus recommendation of “Reduce” by the fourteen research firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $15.00.

Several research analysts have recently commented on FTRE shares. The Goldman Sachs Group lowered their price objective on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. Cowen reaffirmed a “hold” rating on shares of Fortrea in a research report on Wednesday, May 14th. Evercore ISI decreased their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. Finally, Barclays lowered their target price on Fortrea from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Tuesday, May 13th.

Institutional Investors Weigh In On Fortrea

Several institutional investors have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. raised its holdings in Fortrea by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock worth $75,147,000 after purchasing an additional 69,005 shares in the last quarter. FMR LLC raised its stake in 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 acquiring an additional 3,265,402 shares in the last quarter. Corvex Management LP lifted its position in Fortrea by 28.6% in the first quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock valued at $33,785,000 after acquiring an additional 994,000 shares during the last quarter. Millennium Management LLC lifted its position in Fortrea by 1,625.8% in the first quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock valued at $26,419,000 after acquiring an additional 3,296,461 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Fortrea in the first quarter valued at $9,232,000.

Fortrea Stock Down 5.7%

NASDAQ:FTRE opened at $5.46 on Friday. Fortrea has a 52 week low of $3.97 and a 52 week high of $28.41. The stock’s fifty day moving average is $5.23 and its two-hundred day moving average is $11.63. The stock has a market capitalization of $494.13 million, a price-to-earnings ratio of -0.62, a price-to-earnings-growth ratio of 0.39 and a beta of 1.59. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.22.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. The firm had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. Research analysts anticipate that Fortrea will post 0.51 EPS for the current year.

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.