Zacks Research Upgrades Fortrea (NASDAQ:FTRE) to “Hold”

Fortrea (NASDAQ:FTRE) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other analysts have also weighed in on the company. William Blair raised Fortrea to a “hold” rating in a research note on Wednesday, July 29th. 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. TD Cowen lifted their target price on shares of Fortrea from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, November 2nd. Jefferies Financial Group reiterated a “hold” rating and set a $21.50 price target on shares of Fortrea in a report on Friday, October 30th. Finally, Deutsche Bank raised shares of Fortrea from a “hold” rating to a “buy” rating and increased their price target for the company from $20.00 to $25.00 in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $24.23.

Fortrea Trading Down 4.7%

NASDAQ FTRE opened at $20.38 on Tuesday. Fortrea has a 1-year low of $8.55 and a 1-year high of $26.16. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a 50-day moving average of $20.70 and a 200-day moving average of $15.92. The firm 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) last issued its earnings results on Thursday, October 29th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.06. The company had revenue of $691.50 million during the quarter, compared to analysts’ expectations of $671.57 million. Fortrea had a positive return on equity of 13.98% and a negative net margin of 2.58%. As a group, sell-side analysts forecast that Fortrea will post 0.85 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Hedge funds and other institutional investors have recently made changes to their positions in the business. Financial Management Professionals Inc. purchased a new position in Fortrea during the 3rd quarter valued at $30,000. Ancora Advisors LLC purchased a new stake in shares of Fortrea in the 2nd quarter worth about $59,000. Allworth Financial LP lifted its position in shares of Fortrea by 22.3% in the 2nd quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after purchasing an additional 716 shares during the period. Essential Partners LLC lifted its position in shares of Fortrea by 140.2% in the 1st quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock worth $91,000 after purchasing an additional 5,647 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Fortrea during the third quarter valued at about $97,000.

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.