Fortrea (NASDAQ:FTRE) Downgraded by Wall Street Zen to Hold

Fortrea (NASDAQ:FTRE) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Monday.

FTRE has been the topic of a number of other reports. Citigroup reaffirmed a “neutral” rating on shares of Fortrea in a research note on Tuesday, October 7th. Robert W. Baird lifted their price objective on Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Saturday. Mizuho lifted their price objective on Fortrea from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Finally, Jefferies Financial Group lifted their price objective on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research note on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.39.

Fortrea Stock Performance

Shares of FTRE stock opened at $11.30 on Monday. The business’s 50-day moving average price is $9.66 and its 200-day moving average price is $6.94. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -0.99, a PEG ratio of 0.49 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.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, May 24th. The company reported $0.37 EPS for the quarter. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%.The firm had revenue of $693.90 million for the quarter. Equities research analysts forecast that Fortrea will post 0.51 EPS for the current year.

Insider Buying and Selling at Fortrea

In other Fortrea news, Director Peter M. Neupert purchased 32,500 shares of the company’s stock in a transaction on Monday, August 11th. The shares were purchased at an average cost of $6.26 per share, with a total value of $203,450.00. Following the completion of the purchase, the director owned 98,132 shares in the company, valued at $614,306.32. This represents a 49.52% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erin L. Russell purchased 9,854 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was acquired at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the purchase, the director owned 9,854 shares of the company’s stock, valued at approximately $100,018.10. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, 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 Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Fortrea by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock valued at $75,147,000 after acquiring an additional 69,005 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after acquiring an additional 5,419,842 shares in the last quarter. Corvex Management LP increased its holdings in shares of Fortrea by 28.6% during 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 in the last quarter. Millennium Management LLC increased its holdings in shares of Fortrea by 1,625.8% during 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 in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Fortrea by 37.2% during the second quarter. Geode Capital Management LLC now owns 2,171,450 shares of the company’s stock valued at $10,728,000 after acquiring an additional 589,145 shares in the last quarter.

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.