Fortrea (NASDAQ:FTRE) Stock Rating Lowered by Zacks Research

Fortrea (NASDAQ:FTRE) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

FTRE has been the topic of several other research reports. Mizuho upped their price target on Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. William Blair upgraded Fortrea to a “hold” rating in a research note on Wednesday, July 29th. TD Cowen boosted their target price on Fortrea from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday. Wall Street Zen raised Fortrea from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.75.

Fortrea Trading Up 5.9%

NASDAQ:FTRE opened at $19.05 on Tuesday. Fortrea has a one year low of $5.82 and a one year high of $21.39. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.96 and a quick ratio of 0.96. The company’s 50-day simple moving average is $17.37 and its 200 day simple moving average is $13.85. The firm has a market capitalization of $1.81 billion, a P/E ratio of -20.93, a PEG ratio of 0.43 and a beta of 1.99.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The business had revenue of $678.20 million for the quarter, compared to analysts’ expectations of $647.57 million. As a group, analysts forecast that Fortrea will post 0.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several large investors have recently bought and sold shares of the business. Sanctuary Advisors LLC raised its position in shares of Fortrea by 1.7% during the 4th quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company’s stock valued at $632,000 after purchasing an additional 627 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Fortrea by 3.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company’s stock worth $365,000 after buying an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Fortrea by 9.5% during the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock valued at $103,000 after acquiring an additional 953 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position 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 valued at $77,000 after acquiring an additional 980 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake 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.

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.