Fortrea (NASDAQ:FTRE) Trading 5.3% Higher – Should You Buy?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price traded up 5.3% during mid-day trading on Monday . The company traded as high as $6.28 and last traded at $6.24. 194,689 shares traded hands during trading, a decline of 88% from the average session volume of 1,642,232 shares. The stock had previously closed at $5.92.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group dropped their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Evercore ISI dropped their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Finally, Barclays restated an “underweight” rating and issued a $6.00 price objective (down previously from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.70.

Fortrea Stock Performance

The stock has a market capitalization of $544.36 million, a price-to-earnings ratio of -1.76, a PEG ratio of 1.78 and a beta of 2.10. The company’s 50-day simple moving average is $8.82 and its 200-day simple moving average is $15.21. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the company posted $0.19 EPS. On average, analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Institutional Trading of Fortrea

Several hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fortrea during the 4th quarter worth about $30,000. GF Fund Management CO. LTD. bought a new stake in Fortrea during the fourth quarter worth $35,000. Covestor Ltd grew its stake in Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock valued at $81,000 after purchasing an additional 1,593 shares during the period. Quarry LP raised its stake in shares of Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after purchasing an additional 4,034 shares during the period. Finally, Cullen Frost Bankers Inc. boosted its holdings in shares of Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares during the last quarter.

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.