Fortrea (NASDAQ:FTRE) Rating Lowered to Hold at Zacks Research

Fortrea (NASDAQ:FTRE) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Mizuho raised their price objective on shares of Fortrea from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Jefferies Financial Group lifted their target price on shares of Fortrea from $7.00 to $9.50 and gave the company a “hold” rating in a research report on Tuesday, September 9th. Finally, Wall Street Zen upgraded shares of Fortrea from a “hold” rating to a “buy” rating in a research report on Sunday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $12.39.

Fortrea Stock Performance

NASDAQ FTRE opened at $10.39 on Monday. The company has a 50-day simple moving average of $9.49 and a 200 day simple moving average of $6.84. Fortrea has a 52-week low of $3.97 and a 52-week high of $25.28. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $943.41 million, a PE ratio of -0.91, a price-to-earnings-growth ratio of 0.44 and a beta of 1.81.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, May 24th. The company reported $0.37 EPS for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The company had revenue of $693.90 million for the quarter. On average, research analysts predict that Fortrea will post 0.51 EPS for the current year.

Insider Buying and Selling

In other news, Director Erin L. Russell bought 9,854 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were bought at an average cost of $10.15 per share, with a total value of $100,018.10. Following the completion of the purchase, the director directly owned 9,854 shares in the company, valued at $100,018.10. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter M. Neupert bought 32,500 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the purchase, the director owned 98,132 shares of the company’s stock, valued at $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Fortrea by 8.2% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,235 shares of the company’s stock valued at $115,000 after purchasing an additional 1,769 shares during the period. Sequoia Financial Advisors LLC increased its position in Fortrea by 1.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 176,159 shares of the company’s stock valued at $870,000 after purchasing an additional 1,802 shares during the period. Verdence Capital Advisors LLC boosted its holdings in shares of Fortrea by 12.8% during the 2nd quarter. Verdence Capital Advisors LLC now owns 16,046 shares of the company’s stock valued at $79,000 after buying an additional 1,827 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Fortrea by 88.2% during the 3rd quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock valued at $51,000 after buying an additional 2,832 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after buying an additional 2,918 shares in 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.