Fortrea (NASDAQ:FTRE) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Fortrea (NASDAQ:FTRE) from a hold rating to a buy rating in a research report sent to investors on Sunday morning.

Several other research firms also recently issued reports on FTRE. Robert W. Baird upped their price objective on shares of Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Evercore ISI upped their price objective on shares of Fortrea from $7.00 to $11.00 and gave the stock an “in-line” rating in a report on Wednesday, October 8th. Mizuho upped their price objective on shares of Fortrea from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday. Barclays upped their price objective on shares of Fortrea from $6.00 to $8.00 and gave the stock an “underweight” rating in a report on Thursday, October 2nd. Finally, Jefferies Financial Group upped their price objective on shares of Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.39.

Fortrea Stock Performance

FTRE stock opened at $9.45 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The firm has a 50 day moving average of $9.34 and a two-hundred day moving average of $6.78. The company has a market capitalization of $858.06 million, a price-to-earnings ratio of -0.83 and a beta of 1.81. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Friday, May 24th. The company reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $693.90 million during the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. As a group, equities analysts anticipate that Fortrea will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling at Fortrea

In related news, Director Erin L. Russell purchased 9,854 shares of Fortrea stock in a transaction on Tuesday, September 2nd. The stock was purchased at an average cost of $10.15 per share, with a total value of $100,018.10. Following the acquisition, the director directly owned 9,854 shares in the company, valued at approximately $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently made changes to their positions in FTRE. GAMMA Investing LLC raised its stake in shares of Fortrea by 736.6% in the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock valued at $59,000 after buying an additional 6,909 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Fortrea in the 1st quarter valued at $119,000. Sequoia Financial Advisors LLC acquired a new position in shares of Fortrea in the 1st quarter valued at $1,316,000. Allspring Global Investments Holdings LLC raised its stake in shares of Fortrea by 56.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock valued at $122,000 after buying an additional 6,270 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in shares of Fortrea in the 1st quarter valued at $94,000.

About Fortrea

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.