Today’s Featured Stock
Valued at $2.27 billion, Fortrea (FTRE) is a provider of clinical development and patient access solutions to the life sciences industry. It provides phase I-IV clinical trial management, clinical pharmacology, differentiated technology enabled trial solutions and post-approval services.
What I’m Watching
I found today’s Chart of the Day by using Barchart’s powerful screening functions to sort for stocks with the highest technical buy signals and superior current momentum. I then used Barchart’s Flipcharts feature to review the charts for consistent price appreciation. FTRE checks those boxes. The Trend Seeker issued a new “Buy” signal on Sept. 16. Since that signal, FTRE is up 19.18%.
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www.barchart.comBarchart’s Technical Indicators for Fortrea
Editor’s Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.
Fortrea hit a 52-week high of $24.83 on Oct. 22.
Fortrea has a Weighted Alpha of 144.45. FTRE has a 100% “Buy” opinion from Barchart. The stock has gained 118.29% over the past 52 weeks. Fortrea has its Trend Seeker “Buy” signal intact. The stock recently traded at 23.71 with a 50-day moving average of $19.69. FTRE had 7 highs and gained 20.77% in the last month. 60-month beta of 1.93 Relative Strength Index (RSI) is at 69.81. There’s a technical support level around $23.16.Don’t Forget the Fundamentals
$2.27 billion market capitalization. 40.1x trailing price-earnings ratio. Revenue is expected to be down 2.24% this year but grow again by 3.27% next year. Earnings are estimated to increase by 96.89% this year and an additional 33.72% next year.Analyst and Investor Sentiment on Fortrea
Wall Street analysts followed by Barchart give the stock 7 “Strong Buy,” 4 “Hold,” 1 “Moderate Sell,” and 1 “Strong Sell” opinion with price targets from $15.50 to $26.00. Value Line rates the stock “Above Average.” Morningstar thinks the stock is 78% overvalued with a fair value of $13.50. CFRA’s MarketScope rates the stock as “Strong Buy.” 3,020 investors are following the stock on Seeking Alpha, which rates it as a “Strong Buy.” TipRanks’ analysts have a consensus of $22.17. Short interest is 12.55% of the float with 11.67 days to cover the float.The Bottom Line on Fortrea
The company is attractive for its exceptionally attractive valuation, robust growth prospects, improving profitability, very strong stock momentum, and predominantly positive earnings revisions.
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio, it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance.
On the date of publication, Jim Van Meerten did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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