Fortrea (NASDAQ:FTRE) Price Target Cut to $28.00

Fortrea (NASDAQ:FTRE) had its price objective reduced by stock analysts at Deutsche Bank Aktiengesellschaft from $36.00 to $28.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential upside of 9.59% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Bank of America reduced their price objective on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a research note on Tuesday, May 14th. Evercore ISI cut their target price on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research report on Tuesday, May 14th. Barclays cut their target price on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, January 25th. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and cut their target price for the stock from $45.00 to $36.00 in a research report on Tuesday, May 14th. Finally, Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.43.

Fortrea Stock Down 0.6 %

FTRE stock opened at $25.55 on Thursday. The company has a current ratio of 1.47, a quick ratio of 1.62 and a debt-to-equity ratio of 0.97. Fortrea has a 1 year low of $24.92 and a 1 year high of $41.02. The company has a fifty day simple moving average of $35.76 and a 200 day simple moving average of $34.04. The firm has a market cap of $2.28 billion and a PE ratio of -18.38.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The business had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. The firm’s revenue was down 4.6% on a year-over-year basis. Sell-side analysts anticipate that Fortrea will post 0.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Fortrea during the 4th quarter worth about $25,000. Whittier Trust Co. bought a new stake in Fortrea in the fourth quarter valued at about $25,000. ZRC Wealth Management LLC bought a new stake in Fortrea in the fourth quarter valued at about $27,000. Allworth Financial LP bought a new stake in Fortrea in the fourth quarter valued at about $28,000. Finally, Glassman Wealth Services bought a new stake in Fortrea in the fourth quarter valued at about $28,000.

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.