Fortrea (NASDAQ:FTRE) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Fortrea (NASDAQ:FTRE) had its target price boosted by Robert W. Baird from $28.00 to $30.00 in a research note published on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts also recently commented on FTRE. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and lowered their price objective for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. TD Cowen cut their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Barclays reduced their price objective on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Finally, Bank of America cut their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus price target of $24.50.

Fortrea Trading Down 3.1 %

Fortrea stock opened at $21.28 on Monday. The company has a current ratio of 1.18, a quick ratio of 1.19 and a debt-to-equity ratio of 0.74. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -6.22, a P/E/G ratio of 3.31 and a beta of 0.70. The firm has a 50 day moving average of $19.69 and a 200 day moving average of $23.77.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. During the same quarter in the previous year, the business earned $0.24 earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, research analysts predict that Fortrea will post 0.57 earnings per share for the current year.

Institutional Trading of Fortrea

Hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. raised its position in Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after purchasing an additional 6,125,827 shares during the period. Baupost Group LLC MA increased its position in shares of Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after purchasing an additional 2,836,563 shares during the last quarter. FMR LLC lifted its position in Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after buying an additional 2,304,677 shares during the last quarter. Magnetar Financial LLC boosted its stake in Fortrea by 228.6% during the second quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock worth $46,350,000 after buying an additional 1,381,489 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new position in Fortrea during the second quarter valued at $23,192,000.

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.