Evercore ISI Cuts Fortrea (NASDAQ:FTRE) Price Target to $15.00

Fortrea (NASDAQ:FTRE) had its target price trimmed by Evercore ISI from $20.00 to $15.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an in-line rating on the stock.

Other research analysts also recently issued research reports about the company. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Barclays dropped their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. The Goldman Sachs Group dropped their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.30.

Fortrea Stock Down 1.8 %

FTRE stock opened at $10.69 on Tuesday. Fortrea has a fifty-two week low of $9.55 and a fifty-two week high of $41.02. The business’s 50 day moving average price is $16.50 and its two-hundred day moving average price is $18.95. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $958.89 million, a price-to-earnings ratio of -3.13, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34.

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

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have sold 12,386 shares of company stock valued at $219,751. 0.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after buying an additional 572 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Fortrea by 2.0% during the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock valued at $825,000 after buying an additional 792 shares during the period. Willis Investment Counsel lifted its holdings in shares of Fortrea by 0.6% during the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock valued at $3,459,000 after buying an additional 1,138 shares during the period. Cullen Frost Bankers Inc. lifted its holdings in shares of Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after buying an additional 1,361 shares during the period. Finally, Financial Counselors Inc. lifted its holdings in shares of Fortrea by 1.4% during the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock valued at $1,955,000 after buying an additional 1,395 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.