Fortrea (NASDAQ:FTRE) Sets New 52-Week High – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $20.19 and last traded at $19.7750, with a volume of 183436 shares trading hands. The stock had previously closed at $18.49.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Zacks Research raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Truist Financial set a $19.00 price objective on shares of Fortrea in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research report on Friday, July 17th. TD Cowen reaffirmed a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Finally, Robert W. Baird set a $20.00 price target on Fortrea in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Fortrea presently has a consensus rating of “Moderate Buy” and an average price target of $17.75.

Fortrea Stock Performance

The company’s 50 day simple moving average is $16.42 and its 200 day simple moving average is $13.75. 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 stock has a market cap of $1.85 billion, a PE ratio of -3.98, a price-to-earnings-growth ratio of 0.59 and a beta of 2.03.

Fortrea (NASDAQ:FTRE) last released its earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.13. The company had revenue of $636.50 million during 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%. Analysts expect that Fortrea Holdings Inc. will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Several institutional investors have recently added to or reduced their stakes in the stock. Eagle Health Investments LP boosted its position in Fortrea by 23.2% during the fourth quarter. Eagle Health Investments LP now owns 1,218,560 shares of the company’s stock valued at $21,020,000 after purchasing an additional 229,788 shares in the last quarter. Vanguard Group Inc. raised its holdings in Fortrea by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock worth $143,710,000 after purchasing an additional 258,098 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Fortrea by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock valued at $142,702,000 after buying an additional 293,992 shares during the last quarter. Ausbil Investment Management Ltd lifted its position in shares of Fortrea by 587.2% during the fourth quarter. Ausbil Investment Management Ltd now owns 224,713 shares of the company’s stock valued at $3,876,000 after buying an additional 192,015 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Fortrea by 65.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 692,702 shares of the company’s stock valued at $5,833,000 after buying an additional 274,209 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.