Fortrea (NASDAQ:FTRE) Stock Rating Raised to Hold at Zacks Research

Zacks Research upgraded shares of Fortrea (NASDAQ:FTRE) from a strong sell rating to a hold rating in a report released on Tuesday,Zacks reports.

Other analysts have also recently issued reports about the company. Robert W. Baird set a $23.00 target price on Fortrea in a research note on Thursday, July 30th. Evercore reaffirmed an “outperform” rating on shares of Fortrea in a research note on Wednesday, July 29th. Truist Financial upped their price target on shares of Fortrea from $26.00 to $29.00 and gave the company a “buy” rating in a report on Friday, October 30th. Jefferies Financial Group reissued a “hold” rating and set a $21.50 price objective on shares of Fortrea in a research report on Friday, October 30th. Finally, TD Cowen raised their price objective on shares of Fortrea from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $24.23.

Fortrea Stock Performance

Shares of Fortrea stock opened at $20.38 on Tuesday. The stock’s fifty day simple moving average is $20.70 and its 200 day simple moving average is $15.92. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $1.97 billion, a PE ratio of -27.92, a PEG ratio of 0.53 and a beta of 1.88. Fortrea has a 12 month low of $8.55 and a 12 month high of $26.16.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FTRE. Wellington Management Group LLP bought a new stake in Fortrea in the 2nd quarter valued at approximately $41,488,000. Penn Capital Management Company LLC bought a new position in shares of Fortrea during the 3rd quarter worth approximately $22,793,000. Dimensional Fund Advisors LP raised its holdings in shares of Fortrea by 163.8% in the first 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 during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Fortrea by 81.4% in the first quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after purchasing an additional 643,000 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Fortrea in the first quarter worth $2,990,000.

Fortrea Company Profile

Fortrea Holdings Inc. is a global contract research organization that provides clinical development and patient access services to pharmaceutical, biotechnology and medical device companies. The company supports the development of medicines and medical products from early research through later-stage clinical trials and post-approval studies. Its services include clinical trial planning and management, clinical pharmacology, patient recruitment and engagement, data management, regulatory support and related consulting.