Fortrea (NASDAQ:FTRE) Stock Price Crosses Above 50 Day Moving Average – Should You Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $20.36 and traded as high as $21.33. Fortrea shares last traded at $20.95, with a volume of 1,578,237 shares trading hands.

Wall Street Analyst Weigh In

FTRE has been the subject of a number of research reports. Robert W. Baird set a $23.00 price target on shares of Fortrea in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upgraded Fortrea from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $20.00 to $25.00 in a research note on Thursday, October 15th. TD Cowen upped their target price on Fortrea from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday. Jefferies Financial Group reiterated a “hold” rating and issued a $21.50 target price on shares of Fortrea in a research note on Friday. Finally, Mizuho increased their target price on Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $23.95.

Fortrea Trading Up 4.6%

The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -28.70, a PEG ratio of 0.50 and a beta of 1.88. The business’s 50-day moving average price is $20.36 and its 200 day moving average price is $15.78. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.97 and a quick ratio of 0.97.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.06. Fortrea had a negative net margin of 2.58% and a positive return on equity of 13.98%. The business had revenue of $691.50 million during the quarter, compared to analyst estimates of $671.57 million. On average, equities analysts forecast that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Large investors have recently modified their holdings of the business. Wellington Management Group LLP purchased a new stake in Fortrea during the 2nd quarter worth approximately $41,488,000. Dimensional Fund Advisors LP raised its position in shares of Fortrea by 163.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock valued at $12,241,000 after purchasing an additional 807,081 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Fortrea by 81.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after buying an additional 643,000 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Fortrea during the 1st quarter valued at approximately $2,990,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Fortrea during the 1st quarter valued at approximately $1,094,000.

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.