Fortrea (NASDAQ:FTRE) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of Fortrea (NASDAQ:FTRE) from a buy rating to a hold rating in a research note released on Tuesday morning.

Several other research analysts have also recently commented on FTRE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 target price on shares of Fortrea in a research report on Thursday, May 7th. Barclays increased their price objective on shares of Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 24th. Zacks Research raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a research report on Tuesday, April 21st. Finally, Citigroup upped their target price on shares of Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Fortrea Trading Up 1.0%

Fortrea stock opened at $17.91 on Tuesday. The business has a 50 day moving average price of $16.12 and a two-hundred day moving average price of $13.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of -3.65, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03. Fortrea has a 12 month low of $4.93 and a 12 month high of $18.67.

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

Hedge Funds Weigh In On Fortrea

Several hedge funds have recently added to or reduced their stakes in FTRE. Larson Financial Group LLC raised its holdings in Fortrea by 136.7% during the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock worth $32,000 after purchasing an additional 1,072 shares during the last quarter. Toronto Dominion Bank acquired a new position in Fortrea during the 4th quarter valued at about $51,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Fortrea by 27.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock valued at $77,000 after purchasing an additional 980 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after purchasing an additional 1,109 shares during the last quarter. Finally, Osaic Holdings Inc. grew its position in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after buying an additional 2,918 shares during the period.

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.