Fortrea (NASDAQ:FTRE) Upgraded at Truist Financial

Truist Financial upgraded shares of Fortrea (NASDAQ:FTRE) from a hold rating to a buy rating in a research report sent to investors on Thursday, Marketbeat Ratings reports. Truist Financial currently has $22.00 price objective on the stock, up from their previous price objective of $12.00.

FTRE has been the topic of several other research reports. Wedbush set a $21.00 price target on shares of Fortrea in a report on Thursday, December 11th. Mizuho lifted their target price on shares of Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Barclays set a $15.00 price objective on Fortrea and gave the company an “equal weight” rating in a report on Monday, December 15th. Finally, Citigroup raised Fortrea from a “neutral” rating to a “buy” rating and increased their target price for the stock from $12.00 to $21.00 in a report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.39.

Fortrea Trading Down 0.3%

Shares of FTRE opened at $17.39 on Thursday. The stock’s 50-day moving average price is $14.20 and its 200 day moving average price is $10.26. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -1.55, a P/E/G ratio of 0.51 and a beta of 1.59. Fortrea has a 12-month low of $3.97 and a 12-month high of $19.00.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). The firm had revenue of $701.30 million for the quarter, compared to analyst estimates of $643.43 million. Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%. As a group, research analysts predict that Fortrea will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Fortrea

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC raised its position in Fortrea by 494.8% in the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after purchasing an additional 5,419,842 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Fortrea by 1,625.8% in the first quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock valued at $26,419,000 after buying an additional 3,296,461 shares during the last quarter. Park West Asset Management LLC acquired a new position in Fortrea during the 3rd quarter worth about $18,579,000. Geode Capital Management LLC grew its holdings in Fortrea by 37.2% during the 2nd quarter. Geode Capital Management LLC now owns 2,171,450 shares of the company’s stock worth $10,728,000 after acquiring an additional 589,145 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Fortrea by 78.1% in the 3rd quarter. Bank of America Corp DE now owns 1,525,023 shares of the company’s stock valued at $12,841,000 after acquiring an additional 668,691 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.