Fortrea (NASDAQ:FTRE) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Fortrea (NASDAQ:FTRE) from a buy rating to a hold rating in a report released on Tuesday.

FTRE has been the subject of several other reports. Truist Financial set a $19.00 price objective on shares of Fortrea in a report on Wednesday, May 6th. Zacks Research upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Robert W. Baird set a $20.00 target price on shares of Fortrea in a research report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a report on Tuesday, April 21st. Finally, Citigroup raised 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. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $17.75.

Fortrea Stock Up 5.5%

FTRE opened at $19.50 on Tuesday. The firm has a market cap of $1.84 billion, a P/E ratio of -3.97, a price-to-earnings-growth ratio of 0.56 and a beta of 2.03. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50 day moving average price of $16.31 and a 200 day moving average price of $13.71. Fortrea has a twelve month low of $5.26 and a twelve month high of $20.19.

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

Hedge Funds Weigh In On Fortrea

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC boosted its holdings in Fortrea by 136.7% in the 4th 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 period. Osaic Holdings Inc. grew its position in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after purchasing an additional 2,918 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Fortrea by 137.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after purchasing an additional 5,036 shares during the period. Toronto Dominion Bank bought a new position in shares of Fortrea during the 4th quarter worth about $51,000. Finally, Allworth Financial LP raised its position in shares of Fortrea by 19.6% during the third 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.

About Fortrea

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.