Fortrea (NASDAQ:FTRE - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.
Several other equities research analysts also recently weighed in on the stock. Citigroup increased their target price on shares of Fortrea from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. William Blair raised Fortrea to a "hold" rating in a research note on Wednesday, July 29th. Barclays upped their price objective on Fortrea from $18.00 to $22.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. Zacks Research downgraded Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, TD Cowen boosted their target price on Fortrea from $19.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Fortrea currently has an average rating of "Hold" and an average price target of $20.75.
Read Our Latest Research Report on FTRE
Fortrea Stock Down 0.3%
FTRE stock opened at $18.81 on Friday. The company has a market cap of $1.79 billion, a price-to-earnings ratio of -20.67, a price-to-earnings-growth ratio of 0.45 and a beta of 1.99. The company has a fifty day moving average price of $18.16 and a 200 day moving average price of $14.09. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.96 and a quick ratio of 0.96. Fortrea has a 12 month low of $8.31 and a 12 month high of $21.39.
Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. The company had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. Sell-side analysts expect that Fortrea will post 0.85 earnings per share for the current year.
Insiders Place Their Bets
In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the transaction, the chief executive officer directly owned 316,797 shares in the company, valued at approximately $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.73% of the company's stock.
Institutional Investors Weigh In On Fortrea
Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Fortrea by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company's stock worth $143,710,000 after purchasing an additional 258,098 shares in the last quarter. Eagle Health Investments LP raised 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 worth $21,020,000 after purchasing an additional 229,788 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Fortrea by 3.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company's stock valued at $142,702,000 after buying an additional 293,992 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in Fortrea in the 1st quarter valued at approximately $2,990,000. Finally, Assenagon Asset Management S.A. grew its holdings in Fortrea by 90.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 173,129 shares of the company's stock valued at $3,012,000 after buying an additional 82,349 shares during the last quarter.
About Fortrea
(
Get Free Report)
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.
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