Fortrea (NASDAQ:FTRE) Upgraded at Truist Financial

Fortrea (NASDAQ:FTRE) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other research firms have also recently weighed in on FTRE. Mizuho raised their price objective on shares of Fortrea from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, December 18th. Evercore ISI set a $25.00 price target on shares of Fortrea and gave the stock an “outperform” rating in a research note on Tuesday. Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Zacks Research lowered Fortrea from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Wedbush set a $21.00 target price on Fortrea in a report on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.17.

Fortrea Stock Down 0.3%

Shares of NASDAQ FTRE opened at $17.44 on Thursday. The business has a 50-day moving average of $14.06 and a two-hundred day moving average of $10.14. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -1.55, a price-to-earnings-growth ratio of 0.51 and a beta of 1.59. Fortrea has a 1 year low of $3.97 and a 1 year high of $19.00. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The business had revenue of $701.30 million during the quarter, compared to analysts’ expectations of $643.43 million. Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. On average, analysts forecast that Fortrea will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTRE. Amalgamated Bank lifted its position in Fortrea by 4.0% during the 3rd quarter. Amalgamated Bank now owns 26,688 shares of the company’s stock worth $225,000 after acquiring an additional 1,026 shares during the period. Allworth Financial LP raised its stake in shares of Fortrea by 19.6% during the third quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock worth $57,000 after purchasing an additional 1,109 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Fortrea by 8.2% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,235 shares of the company’s stock worth $115,000 after purchasing an additional 1,769 shares during the period. Sequoia Financial Advisors LLC grew its position in Fortrea by 1.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 176,159 shares of the company’s stock valued at $870,000 after buying an additional 1,802 shares during the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in Fortrea by 12.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 16,046 shares of the company’s stock valued at $79,000 after buying an additional 1,827 shares during the period.

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.