Fortrea (NASDAQ:FTRE) Coverage Initiated at The Goldman Sachs Group

The Goldman Sachs Group began coverage on shares of Fortrea (NASDAQ:FTREFree Report) in a research note published on Thursday, MarketBeat.com reports. The firm issued a neutral rating and a $28.00 price target on the stock.

A number of other research analysts have also recently commented on FTRE. Deutsche Bank Aktiengesellschaft reduced their target price on Fortrea from $36.00 to $28.00 and set a hold rating on the stock in a research note on Thursday, May 23rd. Baird R W raised Fortrea from a hold rating to a strong-buy rating in a research note on Tuesday, May 14th. Robert W. Baird raised Fortrea from a neutral rating to an outperform rating and reduced their price objective for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. Evercore ISI reduced their price objective on Fortrea from $43.00 to $31.00 and set an outperform rating on the stock in a research note on Tuesday, May 14th. Finally, Bank of America reduced their price objective on Fortrea from $33.00 to $27.00 and set an underperform rating on the stock in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $32.30.

Read Our Latest Stock Report on FTRE

Fortrea Stock Up 1.0 %

FTRE opened at $27.61 on Thursday. The stock has a market cap of $2.47 billion and a PE ratio of -19.86. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98. Fortrea has a 52 week low of $24.18 and a 52 week high of $41.02. The business’s fifty day simple moving average is $33.49 and its 200 day simple moving average is $33.77.

Fortrea (NASDAQ:FTREGet Free Report) last released its earnings results on Monday, May 13th. The company reported ($0.04) EPS for the quarter. The firm had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. Fortrea’s revenue was down 4.6% compared to the same quarter last year. As a group, research analysts expect that Fortrea will post 0.75 earnings per share for the current fiscal year.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike bought 10,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.12% of the stock is currently owned by company insiders.

Institutional Trading of Fortrea

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Keeley Teton Advisors LLC lifted its holdings in Fortrea by 2.7% in the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock worth $572,000 after buying an additional 370 shares during the period. Financial Counselors Inc. lifted its holdings in Fortrea by 0.4% in the first quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock worth $3,808,000 after buying an additional 395 shares during the period. Concord Wealth Partners lifted its holdings in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares during the period. ProShare Advisors LLC lifted its holdings in Fortrea by 6.9% in the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after buying an additional 524 shares during the period. Finally, Raymond James & Associates lifted its holdings in Fortrea by 0.4% in the first quarter. Raymond James & Associates now owns 136,709 shares of the company’s stock worth $5,487,000 after buying an additional 572 shares during the period.

About Fortrea

(Get Free Report)

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.

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