Fortrea (NASDAQ:FTRE) Shares Gap Up on Earnings Beat

Fortrea Holdings Inc. (NASDAQ:FTRE) shares gapped up prior to trading on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $6.15, but opened at $7.89. Fortrea shares last traded at $5.49, with a volume of 1,443,954 shares trading hands.

The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTRE shares. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. Evercore ISI dropped their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. Barclays reaffirmed an “underweight” rating and set a $6.00 target price (down previously from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. The Goldman Sachs Group lowered their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Finally, Truist Financial initiated coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a “hold” rating and a $7.00 target price for the company. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.82.

Institutional Investors Weigh In On Fortrea

Hedge funds have recently added to or reduced their stakes in the business. Willis Investment Counsel raised its position in Fortrea by 0.6% during the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after acquiring an additional 1,138 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in shares of Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares in the last quarter. Covestor Ltd lifted its position in shares of Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock valued at $81,000 after acquiring an additional 1,593 shares during the last quarter. Swiss National Bank increased its position in shares of Fortrea by 1.0% in the fourth quarter. Swiss National Bank now owns 167,420 shares of the company’s stock worth $3,122,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea in the fourth quarter worth approximately $30,000.

Fortrea Stock Performance

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 firm has a market capitalization of $483.39 million, a PE ratio of -1.56, a P/E/G ratio of 1.78 and a beta of 2.15. The firm’s 50-day moving average price is $7.22 and its two-hundred day moving average price is $14.32.

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.