Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report)’s stock price crossed below its 50-day moving average during trading on Wednesday after Mizuho downgraded the stock from a neutral rating to an underperform rating. The stock has a 50-day moving average of $20.70 and traded as low as $20.36. Mizuho now has a $19.00 price target on the stock, up from their previous price target of $16.00. Fortrea shares last traded at $20.38, with a volume of 1,518,189 shares changing hands.
Several other brokerages have also commented on FTRE. TD Cowen upped their price target on Fortrea from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $21.50 price target on shares of Fortrea in a research report on Friday, October 30th. Evercore reiterated an “outperform” rating on shares of Fortrea in a research note on Wednesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a report on Thursday, October 15th. Finally, Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $24.23.
Institutional Trading of Fortrea
Several hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. purchased a new stake in shares of Fortrea during the 3rd quarter worth $30,000. Ancora Advisors LLC acquired a new position in shares of Fortrea during the 2nd quarter worth approximately $59,000. Allworth Financial LP raised its holdings in shares of Fortrea by 22.3% in the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after acquiring an additional 716 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Fortrea in the 3rd quarter valued at about $97,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Fortrea during the second quarter valued at approximately $115,000.
Fortrea Stock Down 4.7%
The firm has a fifty day moving average price of $20.70 and a 200-day moving average price of $15.92. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -27.92, a PEG ratio of 0.53 and a beta of 1.88. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.94.
Fortrea (NASDAQ:FTRE – Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.22 by $0.06. Fortrea had a positive return on equity of 13.98% and a negative net margin of 2.58%. The company had revenue of $691.50 million during the quarter, compared to analysts’ expectations of $671.57 million. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.85 EPS for the current year.
About Fortrea
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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