Mizuho lowered shares of Fortrea (NASDAQ:FTRE – Free Report) from a neutral rating to an underperform rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. Mizuho currently has $19.00 price objective on the stock, up from their previous price objective of $16.00.
FTRE has been the topic of a number of other reports. Citigroup lifted their price target on Fortrea from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, October 30th. Evercore reissued an “outperform” rating on shares of Fortrea in a research note on Wednesday, July 29th. Barclays raised their price objective on Fortrea from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 30th. William Blair raised shares of Fortrea to a “hold” rating in a research note on Wednesday, July 29th. Finally, Truist Financial lifted their target price on shares of Fortrea from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $24.23.
View Our Latest Research Report on Fortrea
Fortrea Stock Down 4.7%
FTRE opened at $20.38 on Wednesday. Fortrea has a twelve month low of $8.55 and a twelve month high of $26.16. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.94. The company has a 50-day moving average price of $20.70 and a 200 day moving average price of $15.92. The company has a market cap of $1.97 billion, a PE ratio of -27.92, a price-to-earnings-growth ratio of 0.53 and a beta of 1.88.
Fortrea (NASDAQ:FTRE – Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.06. Fortrea had a negative net margin of 2.58% and a positive return on equity of 13.98%. The firm had revenue of $691.50 million for the quarter, compared to analyst estimates of $671.57 million. Sell-side analysts expect that Fortrea will post 0.85 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Fortrea
Large investors have recently modified their holdings of the business. Wellington Management Group LLP purchased a new position in shares of Fortrea during the second quarter worth $41,488,000. Penn Capital Management Company LLC acquired a new position in Fortrea during the 3rd quarter worth about $22,793,000. Dimensional Fund Advisors LP boosted its holdings in Fortrea by 163.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock valued at $12,241,000 after acquiring an additional 807,081 shares during the period. Renaissance Technologies LLC boosted its holdings in Fortrea by 81.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after acquiring an additional 643,000 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new position in Fortrea in the 1st quarter valued at about $2,990,000.
Fortrea Company Profile
Fortrea Holdings Inc. is a global contract research organization that provides clinical development and patient access services to pharmaceutical, biotechnology and medical device companies. The company supports the development of medicines and medical products from early research through later-stage clinical trials and post-approval studies. Its services include clinical trial planning and management, clinical pharmacology, patient recruitment and engagement, data management, regulatory support and related consulting.
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