TD Cowen Issues Positive Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its price target increased by TD Cowen from $23.00 to $25.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a hold rating on the stock.

FTRE has been the subject of several other reports. Barclays raised their target price on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft decreased their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and reduced their price target for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. Bank of America reduced their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Finally, William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $24.50.

Fortrea Trading Down 0.2 %

Fortrea stock traded down $0.05 during trading hours on Monday, reaching $22.70. The stock had a trading volume of 24,666 shares, compared to its average volume of 1,294,684. The company has a fifty day simple moving average of $19.69 and a 200-day simple moving average of $23.89. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02. The stock has a market cap of $2.03 billion, a PE ratio of -6.65, a PEG ratio of 3.78 and a beta of 0.70. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 EPS. Analysts forecast that Fortrea will post 0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FTRE. nVerses Capital LLC bought a new position in shares of Fortrea in the 2nd quarter worth approximately $26,000. Hara Capital LLC bought a new position in Fortrea in the third quarter worth approximately $29,000. Gladius Capital Management LP purchased a new position in shares of Fortrea during the 2nd quarter worth $30,000. Blue Trust Inc. grew its position in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. increased its stake in shares of Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after purchasing an additional 1,250 shares in 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.