Fortrea (NASDAQ:FTRE) Stock Crosses Above Fifty Day Moving Average – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE) crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $20.36 and traded as high as $21.33. Fortrea shares last traded at $20.95, with a volume of 1,578,237 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FTRE shares. Robert W. Baird set a $23.00 price objective on shares of Fortrea in a report on Thursday, July 30th. Citigroup boosted their target price on shares of Fortrea from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, October 30th. William Blair upgraded shares of Fortrea to a “hold” rating in a research note on Wednesday, July 29th. Mizuho increased their price target on shares of Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Fortrea from a “hold” rating to a “buy” rating and increased their price target for the stock 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.95.

Fortrea Trading Up 4.6%

The company has a market cap of $2.02 billion, a price-to-earnings ratio of -28.70, a price-to-earnings-growth ratio of 0.50 and a beta of 1.88. The firm has a 50-day moving average price of $20.36 and a 200 day moving average price of $15.78. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Thursday, October 29th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.06. The business had revenue of $691.50 million for the quarter, compared to analyst estimates 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 Holdings Inc. will post 0.85 EPS for the current year.

Institutional Trading of Fortrea

Several institutional investors have recently added to or reduced their stakes in FTRE. Financial Management Professionals Inc. acquired a new stake in shares of Fortrea during the third quarter worth $30,000. Ancora Advisors LLC bought a new position in shares of Fortrea in the 2nd quarter worth about $59,000. Allworth Financial LP boosted its holdings in shares of Fortrea by 22.3% in the 2nd quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock valued at $68,000 after buying an additional 716 shares during the period. Essential Partners LLC boosted its holdings in shares of Fortrea by 140.2% in the 1st quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock valued at $91,000 after buying an additional 5,647 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Fortrea in the 3rd quarter valued at about $97,000.

Fortrea Company Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company helps clients plan, manage and execute clinical development programs, supporting the testing of new medicines and therapies from early-stage research through regulatory approval and post-approval activities.

Its services include Phase I through Phase IV clinical trials, clinical operations, patient recruitment and access, data management, biostatistics, medical monitoring, pharmacovigilance and regulatory support.