Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Has Consensus Target Price of $22.00 According to Brokerages

by · The Markets Daily

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) have been assigned an average rating of “Hold” from the twelve research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $22.00.

FTRE has been the subject of a number of research analyst reports. Citigroup raised their price target on shares of Fortrea from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Truist Financial boosted their price objective on shares of Fortrea from $19.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Evercore reissued an “outperform” rating on shares of Fortrea in a research report on Wednesday, July 29th. Robert W. Baird set a $23.00 target price on Fortrea in a research note on Thursday, July 30th. Finally, Barclays lifted their price target on Fortrea from $18.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th.

Get Our Latest Stock Analysis on FTRE

Fortrea Trading Up 3.1%

Shares of NASDAQ:FTRE opened at $20.00 on Thursday. The business’s 50-day moving average is $18.78 and its 200 day moving average is $15.56. Fortrea has a 1 year low of $8.55 and a 1 year high of $21.39. The firm has a market capitalization of $1.90 billion, a P/E ratio of -21.98, a P/E/G ratio of 0.48 and a beta of 1.93. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.96 and a quick ratio of 0.96.

Fortrea (NASDAQ:FTRE – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.18 by $0.05. The firm had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. On average, research analysts predict that Fortrea will post 0.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $6,069,830.52. This trade represents a 23.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.73% of the company’s stock.

Institutional Trading of Fortrea

Institutional investors and hedge funds have recently bought and sold shares of the business. Ancora Advisors LLC acquired a new stake in shares of Fortrea in the second quarter worth $59,000. Allworth Financial LP lifted its position in Fortrea by 22.3% during the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock valued at $68,000 after purchasing an additional 716 shares during the period. Essential Partners LLC boosted its holdings 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. Chicago Partners Investment Group LLC purchased a new stake in Fortrea in the first quarter valued at $100,000. Finally, EverSource Wealth Advisors LLC grew its position in Fortrea by 9.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock worth $103,000 after purchasing an additional 953 shares during the period.

About Fortrea

(Get Free Report)

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company supports the development and commercialization of healthcare products across a range of therapeutic areas.

Its services include clinical trial management, study design, patient recruitment and engagement, data management, biostatistics, regulatory support, medical affairs and post-approval services. Fortrea also provides technology-enabled and decentralized clinical trial solutions intended to help sponsors conduct research across traditional and remote settings.

Fortrea serves customers internationally, with operations and clinical trial capabilities spanning North America, Europe, Asia-Pacific and other global markets.

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