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

Fortrea (NASDAQ:FTRE) had its price target upped by Barclays from $20.00 to $25.00 in a research note released on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other analysts have also recently weighed in on FTRE. Robert W. Baird boosted their price target on Fortrea from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday. Evercore ISI decreased their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Bank of America decreased their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Finally, TD Cowen dropped their target price on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus price target of $24.50.

Fortrea Trading Down 5.1 %

NASDAQ:FTRE opened at $20.20 on Monday. The stock’s 50 day moving average price is $19.68 and its 200 day moving average price is $23.75. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.19 and a current ratio of 1.18. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results 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 positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same quarter last year, the company earned $0.24 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, analysts forecast that Fortrea will post 0.57 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sei Investments Co. grew its position in Fortrea by 311.2% during the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after buying an additional 59,690 shares in the last quarter. First Eagle Investment Management LLC increased its position in shares of Fortrea by 171.6% during the first quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after purchasing an additional 169,882 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Fortrea by 466.0% in the first quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock valued at $3,309,000 after purchasing an additional 67,865 shares in the last quarter. Penn Davis Mcfarland Inc. lifted its position in Fortrea by 86.4% in the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after purchasing an additional 508,664 shares during the period. Finally, Diamond Hill Capital Management Inc. acquired a new stake in Fortrea during the second quarter worth $23,192,000.

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.