Fortrea (NASDAQ:FTRE) Price Target Raised to $11.00

Fortrea (NASDAQ:FTRE) had its price objective hoisted by Evercore ISI from $7.00 to $11.00 in a report released on Wednesday morning, MarketBeat reports. The brokerage currently has an in-line rating on the stock.

A number of other brokerages also recently issued reports on FTRE. Robert W. Baird increased their price target on shares of Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Citigroup reissued a “neutral” rating on shares of Fortrea in a report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a research note on Saturday, September 27th. Mizuho lowered their target price on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday, July 11th. Finally, Barclays increased their price objective on Fortrea from $6.00 to $8.00 and gave the stock an “underweight” rating in a research report on Thursday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.17.

Fortrea Stock Performance

Shares of FTRE stock opened at $9.68 on Wednesday. The stock has a market capitalization of $878.94 million, a P/E ratio of -0.85 and a beta of 1.81. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The firm’s 50 day moving average is $9.05 and its 200 day moving average is $6.73. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Friday, May 24th. The company reported $0.37 earnings per share (EPS) for the quarter. The firm had revenue of $693.90 million for the quarter. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. On average, sell-side analysts anticipate that Fortrea will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total value of $39,136.86. Following the transaction, the chief financial officer owned 54,770 shares in the company, valued at $438,707.70. This trade represents a 8.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter M. Neupert bought 32,500 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was acquired at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the transaction, the director owned 98,132 shares in the company, valued at $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FTRE. Ausbil Investment Management Ltd purchased a new position in Fortrea in the 3rd quarter worth approximately $275,000. Patriot Financial Group Insurance Agency LLC increased its stake in shares of Fortrea by 103.3% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 28,694 shares of the company’s stock worth $242,000 after buying an additional 14,577 shares during the period. Wedmont Private Capital purchased a new position in shares of Fortrea in the third quarter worth $139,000. GAMMA Investing LLC increased its stake in shares of Fortrea by 88.2% in the third quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock worth $51,000 after buying an additional 2,832 shares during the period. Finally, Osaic Holdings Inc. increased its position in shares of Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after acquiring an additional 2,918 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.