Fortrea (NASDAQ:FTRE) Shares Up 5.6% – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price was up 5.6% during trading on Tuesday . The stock traded as high as $9.57 and last traded at $9.5190. Approximately 669,535 shares changed hands during trading, a decline of 59% from the average daily volume of 1,628,057 shares. The stock had previously closed at $9.01.

Analysts Set New Price Targets

Several equities analysts recently commented on FTRE shares. Evercore set a $25.00 price objective on shares of Fortrea and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Barclays reduced their price objective on shares of Fortrea from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Mizuho set a $15.00 price objective on shares of Fortrea in a research note on Friday, January 9th. Robert W. Baird lowered their price objective on Fortrea from $19.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Finally, Citigroup raised Fortrea from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $12.00 to $21.00 in a research note on Thursday, December 11th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $16.15.

Fortrea Stock Up 5.3%

The company has a market cap of $886.85 million, a P/E ratio of -0.87, a price-to-earnings-growth ratio of 0.34 and a beta of 1.80. The company has a 50 day moving average of $11.18 and a 200-day moving average of $12.39. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.07). The business had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.22 million. Fortrea had a negative net margin of 36.21% and a positive return on equity of 6.23%. On average, equities analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insider Transactions at Fortrea

In related news, CFO Jill G. Mcconnell sold 5,061 shares of Fortrea stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total transaction of $45,903.27. Following the completion of the sale, the chief financial officer owned 69,796 shares of the company’s stock, valued at approximately $633,049.72. This trade represents a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 9,673 shares of company stock worth $92,242 over the last three months. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortrea

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its position in Fortrea by 214.3% during the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after purchasing an additional 2,278 shares in the last quarter. Larson Financial Group LLC raised its position in Fortrea by 136.7% during 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 in the last quarter. Osaic Holdings Inc. raised its position in Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after purchasing an additional 5,036 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Fortrea by 88.2% during the third quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock valued at $51,000 after purchasing an additional 2,832 shares in 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.