Fortrea (NASDAQ:FTRE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Fortrea (NASDAQ:FTRE) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

Other equities research analysts have also issued reports about the stock. Zacks Research upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Evercore reissued an “outperform” rating on shares of Fortrea in a report on Wednesday, July 29th. Barclays upped their price objective on shares of Fortrea from $18.00 to $22.00 and gave the company an “equal weight” rating in a research report on Thursday. Robert W. Baird set a $23.00 price objective on Fortrea in a research note on Thursday. Finally, Mizuho lifted their target price on Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.95.

Fortrea Price Performance

Fortrea stock opened at $18.94 on Friday. The firm has a market capitalization of $1.80 billion, a P/E ratio of -20.81, a PEG ratio of 0.46 and a beta of 1.99. Fortrea has a 1 year low of $5.82 and a 1 year high of $21.39. The business has a 50-day moving average of $17.16 and a 200-day moving average of $13.82. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.98.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. The company had revenue of $678.20 million during the quarter, compared to analysts’ expectations of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. On average, equities analysts anticipate that Fortrea will post 0.85 EPS for the current year.

Institutional Trading of Fortrea

A number of institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC lifted its position in shares of Fortrea by 1.7% during 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 in the last quarter. Oregon Public Employees Retirement Fund grew its position 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 valued at $365,000 after purchasing an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Fortrea by 9.5% in the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock valued at $103,000 after purchasing an additional 953 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Fortrea by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock valued at $77,000 after purchasing an additional 980 shares during the period. Finally, Larson Financial Group LLC boosted its stake in Fortrea by 136.7% in the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock worth $32,000 after purchasing an additional 1,072 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.