Fortrea (NASDAQ:FTRE) Price Target Raised to $10.00 at Barclays

Fortrea (NASDAQ:FTRE) had its target price boosted by Barclays from $8.00 to $10.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Several other brokerages also recently commented on FTRE. Jefferies Financial Group boosted their target price on shares of Fortrea from $7.00 to $9.50 and gave the company a “hold” rating in a research note on Tuesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 4th. Evercore ISI lifted their target price on shares of Fortrea from $7.00 to $11.00 and gave the company an “in-line” rating in a research note on Wednesday, October 8th. Finally, Robert W. Baird boosted their target price on Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.17.

Fortrea Price Performance

Shares of FTRE stock traded up $0.23 during trading hours on Thursday, hitting $11.25. The company had a trading volume of 1,814,473 shares, compared to its average volume of 1,200,415. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.02 and a current ratio of 1.00. The firm’s fifty day moving average is $10.06 and its 200 day moving average is $7.30. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -1.00, a PEG ratio of 0.52 and a beta of 1.86.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. The company had revenue of $701.30 million during the quarter, compared to analyst estimates of $643.43 million. Fortrea has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Fortrea will post 0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Peter M. Neupert purchased 32,500 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were acquired at an average price of $6.26 per share, with a total value of $203,450.00. Following the completion of the purchase, the director directly owned 98,132 shares of the company’s stock, valued at $614,306.32. The trade was a 49.52% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jill G. Mcconnell sold 4,886 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the transaction, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. The trade was a 8.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 10,311 shares of company stock valued at $94,635. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

Several large investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in Fortrea by 494.8% in 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 during the last quarter. Millennium Management LLC boosted its position in shares of Fortrea by 1,625.8% in the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock worth $26,419,000 after purchasing an additional 3,296,461 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock worth $8,796,000 after purchasing an additional 1,158,345 shares during the last quarter. Bank of Nova Scotia acquired a new stake in shares of Fortrea during the second quarter worth $5,087,000. Finally, Corvex Management LP increased its holdings 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 purchasing an additional 994,000 shares during 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.