Citigroup Lowers Fortrea (NASDAQ:FTRE) Price Target to $30.00

Fortrea (NASDAQ:FTRE) had its target price dropped by Citigroup from $42.00 to $30.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 44.16% from the company’s current price.

A number of other research firms also recently issued reports on FTRE. Bank of America cut their target price on shares of Fortrea from $27.00 to $26.00 and set an “underperform” rating for the company in a research report on Thursday, July 18th. The Goldman Sachs Group began coverage on shares of Fortrea in a research report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price for the company. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Monday. Finally, Evercore ISI downgraded shares of Fortrea from an “outperform” rating to an “in-line” rating and cut their target price for the stock from $31.00 to $27.00 in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $28.60.

Fortrea Trading Up 3.8 %

Fortrea stock traded up $0.77 during midday trading on Tuesday, reaching $20.81. The stock had a trading volume of 410,268 shares, compared to its average volume of 1,176,339. The firm’s fifty day simple moving average is $24.99 and its two-hundred day simple moving average is $31.30. Fortrea has a twelve month low of $18.07 and a twelve month high of $41.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. The firm has a market cap of $1.86 billion and a price-to-earnings ratio of -14.94.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same period in the prior year, the business posted $0.52 EPS. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. Equities analysts anticipate that Fortrea will post 0.72 EPS for the current fiscal year.

Insider Activity

In other Fortrea news, General Counsel James S. Hanson purchased 2,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the acquisition, the general counsel now owns 7,475 shares of the company’s stock, valued at $189,117.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, General Counsel James S. Hanson bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the acquisition, the general counsel now directly owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Pike bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the acquisition, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Sei Investments Co. grew its position in Fortrea by 311.2% in the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after purchasing an additional 59,690 shares during the last quarter. Cohen Capital Management Inc. acquired a new stake in shares of Fortrea during the 4th quarter valued at about $1,873,000. Jennison Associates LLC acquired a new stake in shares of Fortrea during the 1st quarter valued at about $6,560,000. First Eagle Investment Management LLC boosted its position in shares of Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after acquiring an additional 169,882 shares in the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Fortrea during the 4th quarter valued at about $1,320,000.

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.