Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Has Consensus Target Price of $22.80

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned a consensus rating of “Hold” from the twelve analysts that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $22.80.

FTRE has been the subject of several research analyst reports. Truist Financial boosted their target price on Fortrea from $19.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Zacks Research cut shares of Fortrea from a “hold” rating to a “strong sell” rating in a report on Monday, October 12th. William Blair upgraded shares of Fortrea to a “hold” rating in a research note on Wednesday, July 29th. Robert W. Baird set a $23.00 price target on shares of Fortrea in a report on Thursday, July 30th. Finally, Wall Street Zen raised shares of Fortrea from a “hold” rating to a “buy” rating in a report on Saturday, October 10th.

Insider Buying and Selling at Fortrea

In other news, CEO Anshul Thakral sold 99,869 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the completion of the transaction, the chief executive officer directly owned 316,797 shares in the company, valued at approximately $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Financial Management Professionals Inc. bought a new stake in Fortrea during the 3rd quarter worth $30,000. Ancora Advisors LLC acquired a new position in Fortrea in the 2nd quarter worth about $59,000. Allworth Financial LP increased its holdings in Fortrea by 22.3% in the 2nd quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after purchasing an additional 716 shares in the last quarter. Essential Partners LLC raised its position in Fortrea by 140.2% in the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock valued at $91,000 after purchasing an additional 5,647 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new position in Fortrea in the first quarter valued at about $100,000.

Fortrea Price Performance

Fortrea stock opened at $25.88 on Monday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. Fortrea has a 52 week low of $8.55 and a 52 week high of $26.16. The stock has a market capitalization of $2.46 billion, a P/E ratio of -28.44, a price-to-earnings-growth ratio of 0.57 and a beta of 1.93. The stock has a fifty day moving average of $20.12 and a 200-day moving average of $15.70.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.05. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. The business had revenue of $678.20 million for the quarter, compared to analyst estimates of $647.57 million. On average, sell-side analysts expect that Fortrea will post 0.86 earnings per share for the current fiscal year.

Fortrea Company Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company helps clients plan, manage and execute clinical development programs, supporting the testing of new medicines and therapies from early-stage research through regulatory approval and post-approval activities.

Its services include Phase I through Phase IV clinical trials, clinical operations, patient recruitment and access, data management, biostatistics, medical monitoring, pharmacovigilance and regulatory support.