UBS Group Issues Positive Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its price target upped by UBS Group from $22.00 to $24.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s price objective suggests a potential upside of 7.05% from the stock’s current price.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft raised Fortrea from a “hold” rating to a “buy” rating and raised their target price for the stock from $20.00 to $25.00 in a research note on Thursday. William Blair raised Fortrea to a “hold” rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded Fortrea from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Evercore reiterated an “outperform” rating on shares of Fortrea in a research report on Wednesday, July 29th. Finally, Truist Financial boosted their target price on Fortrea from $19.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortrea has a consensus rating of “Hold” and an average price target of $22.80.

Fortrea Trading Down 0.3%

Shares of FTRE opened at $22.42 on Tuesday. The stock has a market capitalization of $2.13 billion, a P/E ratio of -24.64, a PEG ratio of 0.59 and a beta of 1.93. Fortrea has a twelve month low of $8.55 and a twelve month high of $23.51. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The firm has a fifty day simple moving average of $19.27 and a two-hundred day simple moving average of $16.52.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. The firm had revenue of $678.20 million for the quarter, compared to analysts’ expectations of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. On average, research analysts anticipate that Fortrea will post 0.85 EPS for the current year.

Insider Activity

In related news, CEO Anshul Thakral sold 99,869 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the transaction, the chief executive officer owned 316,797 shares in the company, valued at $6,069,830.52. The trade was a 23.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is owned by corporate insiders.

Institutional Trading of Fortrea

Several institutional investors and hedge funds have recently bought and sold shares of FTRE. Ancora Advisors LLC purchased a new position in shares of Fortrea during the 2nd quarter worth approximately $59,000. Allworth Financial LP raised its position in shares of Fortrea by 22.3% in the 2nd quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after acquiring an additional 716 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Fortrea in the 2nd quarter worth approximately $115,000. Essential Partners LLC lifted its stake in shares of Fortrea by 140.2% in the 1st quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock valued at $91,000 after purchasing an additional 5,647 shares during the period. Finally, HB Wealth Management LLC purchased a new position in shares of Fortrea in the 2nd quarter valued at approximately $177,000.

About Fortrea

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company supports the development and commercialization of healthcare products across a range of therapeutic areas.

Its services include clinical trial management, study design, patient recruitment and engagement, data management, biostatistics, regulatory support, medical affairs and post-approval services. Fortrea also provides technology-enabled and decentralized clinical trial solutions intended to help sponsors conduct research across traditional and remote settings.

Fortrea serves customers internationally, with operations and clinical trial capabilities spanning North America, Europe, Asia-Pacific and other global markets.