Fortrea (NASDAQ:FTRE) Sets New 12-Month High – Still a Buy?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $21.12 and last traded at $20.70, with a volume of 3237937 shares traded. The stock had previously closed at $19.20.

Analysts Set New Price Targets

Several research firms have recently weighed in on FTRE. Barclays lifted their target price on shares of Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a report on Friday, July 17th. Truist Financial set a $19.00 price target on shares of Fortrea in a research report on Wednesday, May 6th. Mizuho lifted their price objective on shares of Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Finally, Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.75.

Fortrea Stock Up 7.8%

The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of -4.22, a price-to-earnings-growth ratio of 0.58 and a beta of 2.03. The business’s 50-day moving average is $16.68 and its two-hundred day moving average is $13.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.16 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 $628.50 million. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.8 EPS for the current year.

Institutional Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in FTRE. Royal Bank of Canada grew its holdings in Fortrea by 48.9% in the 1st quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock valued at $920,000 after buying an additional 39,944 shares in the last quarter. Caxton Associates LLP purchased a new position in shares of Fortrea during the 1st quarter worth $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Fortrea by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock valued at $2,135,000 after acquiring an additional 27,746 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of Fortrea during the 1st quarter valued at about $80,000. Finally, Acadian Asset Management LLC purchased a new stake in shares of Fortrea in the first quarter valued at about $65,000.

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.