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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) shot up 5.6% during mid-day trading on Tuesday . The stock traded as high as $9.57 and last traded at $9.5190. 669,535 shares were traded during mid-day trading, a decline of 59% from the average session volume of 1,628,057 shares. The stock had previously closed at $9.01.

Analysts Set New Price Targets

Several research firms have recently issued reports on FTRE. Citigroup raised Fortrea from a “neutral” rating to a “buy” rating and upped their target price for the company from $12.00 to $21.00 in a report on Thursday, December 11th. Truist Financial set a $22.00 target price on Fortrea and gave the company a “buy” rating in a report on Thursday, January 8th. TD Cowen raised Fortrea from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Monday, March 9th. Barclays reduced their price objective on Fortrea from $15.00 to $12.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Finally, Robert W. Baird reduced their price objective on Fortrea from $19.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $16.15.

Fortrea Trading Up 5.3%

The firm has a fifty day simple moving average of $11.18 and a two-hundred day simple moving average of $12.39. The firm has a market capitalization 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 debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98.

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

Insiders Place Their Bets

In other Fortrea news, CFO Jill G. Mcconnell sold 5,061 shares of the 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 transaction, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at approximately $633,049.72. This represents a 6.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 9,673 shares of company stock worth $92,242 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

A number of large investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC boosted its holdings in shares of Fortrea by 1.7% in the fourth quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company’s stock worth $632,000 after acquiring an additional 627 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of Fortrea by 3.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company’s stock worth $365,000 after acquiring an additional 700 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 period. Amalgamated Bank boosted its holdings in shares of Fortrea by 4.0% in the third 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. Finally, Larson Financial Group LLC boosted its holdings in shares of Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock worth $32,000 after acquiring an additional 1,072 shares during the period.

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.