Barclays Cuts Fortrea (NASDAQ:FTRE) Price Target to $12.00

Fortrea (NASDAQ:FTRE) had its price objective lowered by Barclays from $25.00 to $12.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms have also recently commented on FTRE. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. TD Cowen upped their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. Finally, Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and lowered their price target for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and an average price target of $20.30.

Fortrea Stock Down 1.8 %

NASDAQ FTRE opened at $10.69 on Tuesday. The business’s 50-day moving average is $16.50 and its 200 day moving average is $18.95. The stock has a market capitalization of $958.89 million, a PE ratio of -3.13, a PEG ratio of 1.78 and a beta of 1.34. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea has a 1 year low of $9.55 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same quarter last year, the firm earned $0.19 EPS. Sell-side analysts forecast that Fortrea will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 12,386 shares of company stock worth $219,751 over the last quarter. 0.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently made changes to their positions in the business. Hara Capital LLC purchased a new position in shares of Fortrea in the third quarter worth $29,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fortrea during the 4th quarter valued at approximately $30,000. GF Fund Management CO. LTD. bought a new stake in Fortrea in the fourth quarter worth $35,000. Covestor Ltd raised its stake in shares of Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after acquiring an additional 1,398 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after acquiring an additional 572 shares during 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.