Fortrea (NASDAQ:FTRE) Upgraded at Barclays

Barclays upgraded shares of Fortrea (NASDAQ:FTRE) from an underweight rating to an equal weight rating in a report released on Monday, Marketbeat Ratings reports. The brokerage currently has $15.00 price target on the stock, up from their prior price target of $10.00.

A number of other research firms also recently weighed in on FTRE. Wedbush set a $21.00 target price on Fortrea in a research report on Thursday, December 11th. Jefferies Financial Group lifted their price objective on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. Evercore ISI set a $14.00 price objective on Fortrea in a research report on Thursday, November 6th. Wall Street Zen cut Fortrea from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Finally, Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $12.00 to $21.00 in a research note on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.06.

Fortrea Trading Up 1.3%

Shares of FTRE stock opened at $16.19 on Monday. The firm has a market capitalization of $1.50 billion, a P/E ratio of -1.44, a price-to-earnings-growth ratio of 0.73 and a beta of 1.76. Fortrea has a 1 year low of $3.97 and a 1 year high of $20.26. The firm’s fifty day simple moving average is $11.78 and its 200 day simple moving average is $8.83. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81.

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

Institutional Trading of Fortrea

Large investors have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd bought a new stake in shares of Fortrea during the first quarter worth $575,000. Brandes Investment Partners LP raised its holdings in shares of Fortrea by 72.8% in the second quarter. Brandes Investment Partners LP now owns 224,272 shares of the company’s stock valued at $1,108,000 after buying an additional 94,448 shares during the last quarter. AQR Capital Management LLC lifted its position in Fortrea by 181.9% during the 1st quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock worth $8,269,000 after buying an additional 706,779 shares in the last quarter. Millennium Management LLC grew its holdings in Fortrea by 1,625.8% during the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock worth $26,419,000 after acquiring an additional 3,296,461 shares during the last quarter. Finally, Voya Investment Management LLC grew its holdings in Fortrea by 134.9% during the 1st quarter. Voya Investment Management LLC now owns 303,901 shares of the company’s stock worth $2,294,000 after acquiring an additional 174,549 shares during 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.