Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) has earned a consensus recommendation of “Reduce” from the fourteen research firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating and twelve have issued a hold rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $15.00.
FTRE has been the topic of several analyst reports. Cowen reaffirmed a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. Truist Financial initiated coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a “hold” rating and a $7.00 price objective on the stock. Mizuho lowered their target price on shares of Fortrea from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group dropped their price objective on Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, May 14th.
View Our Latest Stock Analysis on FTRE
Fortrea Stock Performance
Fortrea (NASDAQ:FTRE – Get Free Report) last released its earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.09. The firm had revenue of $651.30 million during the quarter, compared to analysts’ expectations of $609.63 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. On average, research analysts predict that Fortrea will post 0.51 EPS for the current fiscal year.
Institutional Investors Weigh In On Fortrea
Several hedge funds have recently made changes to their positions in FTRE. Brooklyn Investment Group boosted its stake in shares of Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after buying an additional 3,831 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortrea in the fourth quarter valued at about $30,000. GF Fund Management CO. LTD. acquired a new stake in Fortrea in the fourth quarter valued at about $35,000. Caitong International Asset Management Co. Ltd acquired a new stake in Fortrea in the first quarter valued at about $39,000. Finally, Quarry LP lifted its position in Fortrea by 73.4% in the first quarter. Quarry LP now owns 7,567 shares of the company’s stock valued at $57,000 after purchasing an additional 3,202 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.
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