Fortrea (NASDAQ:FTRE) Trading 6.5% Higher – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE) shares shot up 6.5% on Wednesday . The stock traded as high as $23.39 and last traded at $22.99. 202,198 shares traded hands during trading, a decline of 84% from the average session volume of 1,274,061 shares. The stock had previously closed at $21.58.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Citigroup reduced their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Evercore ISI cut their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. The Goldman Sachs Group decreased their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Barclays raised their price objective on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, TD Cowen boosted their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortrea currently has an average rating of “Hold” and an average price target of $24.00.

Fortrea Trading Down 0.7 %

The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -6.89, a P/E/G ratio of 3.26 and a beta of 1.16. The firm’s 50-day moving average is $19.48 and its 200 day moving average is $22.42.

Fortrea (NASDAQ:FTRE) last issued 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 analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. Fortrea’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 EPS. On average, equities analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

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

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.