Mizuho Raises Fortrea (NASDAQ:FTRE) Price Target to $13.00

Fortrea (NASDAQ:FTRE) had its price objective upped by analysts at Mizuho from $11.00 to $13.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price target would suggest a potential downside of 13.28% from the stock’s current price.

FTRE has been the subject of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a report on Tuesday, April 21st. Citigroup lifted their price target on Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 price target on shares of Fortrea in a report on Thursday. TD Cowen restated a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. Finally, Robert W. Baird set a $20.00 price objective on shares of Fortrea in a research note on Wednesday, May 6th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Fortrea presently has an average rating of “Hold” and an average target price of $16.14.

Fortrea Stock Down 2.9%

NASDAQ:FTRE opened at $14.99 on Tuesday. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. The company’s fifty day moving average price is $10.33 and its 200-day moving average price is $12.65. Fortrea has a 1-year low of $3.97 and a 1-year high of $18.67. The firm has a market capitalization of $1.42 billion, a P/E ratio of -3.05, a PEG ratio of 0.50 and a beta of 1.92.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $628.51 million. As a group, equities research analysts anticipate that Fortrea will post 0.76 EPS for the current year.

Insider Transactions at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 5,061 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $9.07, for a total transaction of $45,903.27. Following the transaction, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at $633,049.72. This trade represents a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 8,792 shares of company stock worth $80,014 over the last quarter. Company insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC increased its stake 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 buying an additional 1,072 shares in the last quarter. Toronto Dominion Bank purchased a new position in shares of Fortrea in the fourth quarter valued at approximately $51,000. Nisa Investment Advisors LLC lifted its position in shares of Fortrea by 214.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after acquiring an additional 2,278 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Fortrea by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock worth $77,000 after acquiring an additional 980 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Fortrea by 19.6% in the third quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock worth $57,000 after acquiring 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.