Fortrea (NASDAQ:FTRE) Trading 6.4% Higher – Should You Buy?

Fortrea Holdings Inc. (NASDAQ:FTRE) shares shot up 6.4% during trading on Monday . The stock traded as high as $5.73 and last traded at $5.62. 179,398 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,825,938 shares. The stock had previously closed at $5.28.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FTRE. Evercore ISI reduced their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Citigroup reaffirmed a “neutral” rating on shares of Fortrea in a research report on Thursday, May 22nd. Cowen reiterated a “hold” rating on shares of Fortrea in a research report on Wednesday, May 14th. Finally, Truist Financial initiated coverage on shares of Fortrea in a research note on Friday, May 2nd. They issued a “hold” rating and a $7.00 price target on the stock. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.00.

Fortrea Stock Performance

The stock’s 50-day moving average price is $5.33 and its 200 day moving average price is $12.31. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a market cap of $513.59 million, a P/E ratio of -1.65, a price-to-earnings-growth ratio of 1.78 and a beta of 1.59.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $651.30 million during the quarter, compared to analyst estimates of $609.63 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. As a group, research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Several large investors have recently bought and sold shares of FTRE. Millennium Management LLC lifted its position in shares of Fortrea by 1,625.8% in the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock worth $26,419,000 after acquiring an additional 3,296,461 shares during the period. FMR LLC boosted its stake in Fortrea by 67.7% in the fourth quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after purchasing an additional 3,265,402 shares in the last quarter. Corvex Management LP increased its position in Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after acquiring an additional 1,260,156 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Fortrea during the 1st quarter worth $9,232,000. Finally, Deutsche Bank AG boosted its position in Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock valued at $8,796,000 after buying an additional 1,158,345 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.