Fortrea (NASDAQ:FTRE) Stock Rating Upgraded by Wall Street Zen

Fortrea (NASDAQ:FTRE) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Sunday.

Several other research analysts have also issued reports on the company. Barclays increased their price target on Fortrea from $6.00 to $8.00 and gave the stock an “underweight” rating in a report on Thursday, October 2nd. Robert W. Baird lifted their price target on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, September 3rd. Zacks Research upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Citigroup reiterated a “neutral” rating on shares of Fortrea in a report on Tuesday, October 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $12.39.

Fortrea Stock Performance

Shares of FTRE stock opened at $10.42 on Friday. The firm has a 50 day moving average of $9.42 and a 200-day moving average of $6.81. The company has a market cap of $946.14 million, a price-to-earnings ratio of -0.92 and a beta of 1.81. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea has a 52 week low of $3.97 and a 52 week high of $25.28.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, May 24th. The company reported $0.37 EPS for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The business had revenue of $693.90 million during the quarter. On average, equities analysts forecast that Fortrea will post 0.51 earnings per share for the current year.

Insider Buying and Selling at Fortrea

In related news, CFO Jill G. Mcconnell sold 4,886 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the transaction, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. This represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Erin L. Russell acquired 9,854 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were bought at an average price of $10.15 per share, with a total value of $100,018.10. Following the acquisition, the director directly owned 9,854 shares of the company’s stock, valued at $100,018.10. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 72,354 shares of company stock worth $507,168 and sold 10,311 shares worth $94,635. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Several large investors have recently modified their holdings of FTRE. Allworth Financial LP increased its position in Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after buying an additional 5,578 shares during the last quarter. Brooklyn Investment Group raised its stake in Fortrea by 9,577.5% in the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after acquiring an additional 3,831 shares during the period. Osaic Holdings Inc. lifted its holdings in Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Fortrea during the first quarter valued at about $39,000. Finally, Tower Research Capital LLC TRC boosted its position in Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after purchasing an additional 5,036 shares during the period.

About Fortrea

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.