Fortrea (NASDAQ:FTRE) Upgraded to Buy at Wall Street Zen

Fortrea (NASDAQ:FTRE) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued reports about the stock. TD Cowen reiterated a “buy” rating on shares of Fortrea in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a report on Tuesday, April 21st. Robert W. Baird set a $20.00 price target on shares of Fortrea in a research report on Wednesday, May 6th. Truist Financial set a $19.00 price target on Fortrea in a research note on Wednesday, May 6th. Finally, Citigroup boosted their price objective on Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.45.

Fortrea Price Performance

Shares of FTRE opened at $17.65 on Friday. The business’s fifty day moving average is $14.23 and its 200 day moving average is $13.58. Fortrea has a 12-month low of $4.36 and a 12-month high of $18.67. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock has a market cap of $1.67 billion, a P/E ratio of -3.59, a P/E/G ratio of 0.54 and a beta of 2.12.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results 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 business had revenue of $636.50 million during the quarter, compared to analyst estimates of $628.50 million. Sell-side analysts anticipate that Fortrea will post 0.8 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Fortrea by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock worth $143,710,000 after acquiring an additional 258,098 shares during the period. Eagle Health Investments LP grew its position in shares of Fortrea by 23.2% during the 4th quarter. Eagle Health Investments LP now owns 1,218,560 shares of the company’s stock valued at $21,020,000 after acquiring an additional 229,788 shares during the period. Ausbil Investment Management Ltd grew its position in shares of Fortrea by 587.2% during the 4th quarter. Ausbil Investment Management Ltd now owns 224,713 shares of the company’s stock valued at $3,876,000 after acquiring an additional 192,015 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Fortrea by 3.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after purchasing an additional 293,992 shares during the last quarter. Finally, WINTON GROUP Ltd increased its stake in shares of Fortrea by 2,830.1% during the 3rd quarter. WINTON GROUP Ltd now owns 304,674 shares of the company’s stock worth $2,565,000 after purchasing an additional 294,276 shares during the last quarter.

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.