William Blair reissued their market perform rating on shares of Fortrea (NASDAQ:FTRE – Free Report) in a research note released on Monday morning, Benzinga reports.
FTRE has been the topic of several other research reports. Robert W. Baird upgraded shares of Fortrea from a neutral rating to an outperform rating and lowered their price objective for the stock from $45.00 to $36.00 in a report on Tuesday, May 14th. Barclays started coverage on Fortrea in a research report on Wednesday, July 24th. They issued an equal weight rating and a $30.00 price target for the company. Baird R W upgraded shares of Fortrea from a hold rating to a strong-buy rating in a research report on Tuesday, May 14th. The Goldman Sachs Group began coverage on shares of Fortrea in a report on Thursday, June 6th. They issued a neutral rating and a $28.00 price target on the stock. Finally, TD Cowen initiated coverage on Fortrea in a report on Wednesday, May 29th. They issued a hold rating and a $27.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortrea presently has a consensus rating of Hold and an average price target of $30.50.
Read Our Latest Stock Analysis on Fortrea
Fortrea Price Performance
Shares of NASDAQ:FTRE opened at $20.04 on Monday. The firm has a 50 day simple moving average of $24.99 and a 200 day simple moving average of $31.30. The company has a market cap of $1.79 billion and a price-to-earnings ratio of -14.42. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. Fortrea has a one year low of $18.07 and a one year high of $41.02.
Insider Buying and Selling
In other news, General Counsel James S. Hanson bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the purchase, the general counsel now directly owns 7,475 shares in the company, valued at $189,117.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Fortrea news, General Counsel James S. Hanson bought 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the purchase, the general counsel now directly owns 7,475 shares of the company’s stock, valued at $189,117.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Pike purchased 10,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were acquired at an average cost of $24.81 per share, with a total value of $248,100.00. Following the transaction, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is owned by corporate insiders.
Institutional Trading of Fortrea
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new stake in shares of Fortrea in the 2nd quarter worth approximately $26,000. Allworth Financial LP purchased a new stake in shares of Fortrea during the 4th quarter valued at about $28,000. Glassman Wealth Services bought a new position in Fortrea in the fourth quarter worth approximately $28,000. Gladius Capital Management LP purchased a new position in Fortrea during the second quarter valued at $30,000. Finally, Concord Wealth Partners grew its stake in shares of Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after acquiring an additional 521 shares during the period.
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.
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