Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $23.30 Average Price Target from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has received a consensus rating of “Reduce” from the twelve brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $23.30.

A number of equities research analysts recently weighed in on the company. TD Cowen upped their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th.

Insider Activity at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Fortrea by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock valued at $184,341,000 after purchasing an additional 120,599 shares during the period. Starboard Value LP increased its position in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after buying an additional 400,000 shares during the last quarter. Sessa Capital IM L.P. increased its position in Fortrea by 2.3% during the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after buying an additional 158,044 shares during the last quarter. Pacer Advisors Inc. increased its position in Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares during the last quarter. Finally, FMR LLC increased its position in Fortrea by 91.6% during the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after buying an additional 2,304,677 shares during the last quarter.

Fortrea Trading Down 2.5 %

FTRE opened at $14.69 on Friday. Fortrea has a 12 month low of $14.27 and a 12 month high of $41.02. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -4.30, a PEG ratio of 1.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The business has a fifty day moving average price of $18.30 and a 200 day moving average price of $20.09.

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.