Fortrea (NASDAQ:FTRE) Price Target Raised to $9.50

Fortrea (NASDAQ:FTRE) had its target price raised by Jefferies Financial Group from $7.00 to $9.50 in a research report released on Tuesday, Marketbeat reports. The brokerage currently has a hold rating on the stock.

A number of other analysts also recently commented on the stock. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, August 4th. Mizuho decreased their price objective on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. Cowen reissued a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. The Goldman Sachs Group decreased their price objective on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, May 14th. Finally, Evercore ISI lifted their target price on shares of Fortrea from $5.00 to $7.00 and gave the stock an “in-line” rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $11.50.

Fortrea Stock Up 2.2%

FTRE stock opened at $10.23 on Tuesday. The company has a market cap of $928.88 million, a P/E ratio of -0.90 and a beta of 1.91. Fortrea has a 52 week low of $3.97 and a 52 week high of $25.28. The company’s 50-day moving average price is $7.30 and its 200 day moving average price is $6.89. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. The firm had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. On average, research analysts expect that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Erin L. Russell acquired 9,854 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was acquired at an average price of $10.15 per share, with a total value of $100,018.10. Following the completion of the transaction, the director directly owned 9,854 shares in the company, valued at approximately $100,018.10. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jill G. Mcconnell sold 4,886 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the transaction, the chief financial officer directly owned 54,770 shares of the company’s stock, valued at approximately $438,707.70. This represents a 8.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fortrea

A number of institutional investors have recently modified their holdings of FTRE. Allworth Financial LP raised its position in shares of Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after buying an additional 5,578 shares during the last quarter. Brooklyn Investment Group raised its position in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after buying an additional 3,831 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fortrea in the fourth quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new position in Fortrea during the fourth quarter worth approximately $35,000. Finally, Osaic Holdings Inc. raised its stake in Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after purchasing an additional 2,918 shares during the period.

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.