Fortrea (NASDAQ:FTRE) Trading Up 10.1% – Should You Buy?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) were up 10.1% during mid-day trading on Wednesday . The stock traded as high as $13.75 and last traded at $14.0370. Approximately 163,358 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 2,057,660 shares. The stock had previously closed at $12.75.

Wall Street Analysts Forecast Growth

FTRE has been the subject of a number of recent research reports. Citigroup reiterated a “neutral” rating on shares of Fortrea in a report on Tuesday, October 7th. Mizuho set a $11.00 price target on Fortrea in a research note on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research note on Wednesday, October 8th. Evercore ISI set a $14.00 target price on Fortrea in a research report on Thursday, November 6th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus price target of $11.69.

Fortrea Trading Down 0.5%

The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -1.29, a price-to-earnings-growth ratio of 0.68 and a beta of 1.76. The business has a fifty day moving average price of $10.68 and a 200 day moving average price of $8.10.

Fortrea (NASDAQ:FTRE) last released its earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). The company had revenue of $701.30 million for the quarter, compared to analyst estimates of $643.43 million. Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. On average, equities analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortrea news, CFO Jill G. Mcconnell sold 3,156 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. The trade was a 5.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 5,425 shares of company stock valued at $55,498 in the last three months. 0.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortrea

Several institutional investors have recently modified their holdings of FTRE. Allworth Financial LP boosted its stake in Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after acquiring an additional 5,578 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Fortrea by 214.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after acquiring an additional 2,278 shares during the last quarter. Brooklyn Investment Group lifted its stake in shares of 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 purchasing an additional 3,831 shares during the period. Osaic Holdings Inc. grew its stake in shares of Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after purchasing an additional 2,918 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Fortrea in the first quarter valued at about $39,000.

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.