Fortrea (NASDAQ:FTRE) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Fortrea (NASDAQ:FTRE) from a hold rating to a strong-buy rating in a research note published on Monday morning,Zacks.com reports.

Several other analysts also recently commented on FTRE. Citigroup increased their price objective on Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a report on Sunday. Robert W. Baird set a $20.00 price target on Fortrea in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price objective on shares of Fortrea in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.45.

Fortrea Stock Down 2.1%

Shares of NASDAQ FTRE opened at $17.48 on Monday. The stock has a market capitalization of $1.65 billion, a P/E ratio of -3.56, a P/E/G ratio of 0.54 and a beta of 2.03. The company has a 50-day moving average price of $15.25 and a 200-day moving average price of $13.66. Fortrea has a 1 year low of $4.40 and a 1 year high of $18.67. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. The company had revenue of $636.50 million for the quarter, compared to analyst estimates of $628.50 million. On average, equities research analysts forecast that Fortrea will post 0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

A number of hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC lifted its stake in Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after purchasing an additional 1,072 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after buying an additional 2,918 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Fortrea by 137.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after buying an additional 5,036 shares during the period. Toronto Dominion Bank purchased a new position in shares of Fortrea during the 4th quarter valued at $51,000. Finally, Allworth Financial LP lifted its position in shares of Fortrea by 19.6% during the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after buying an additional 1,109 shares during the last quarter.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.