Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Analysts have a consensus “Hold” rating on Fortrea, with six holds, five buys and one sell among 12 covering firms. The average 12-month price target is $20.75.
• Fortrea’s latest quarterly results exceeded expectations, reporting adjusted EPS of $0.23 versus $0.18 expected and revenue of $678.2 million versus estimates of $647.6 million.
• CEO Anshul Thakral sold 99,869 shares for approximately $1.9 million to cover tax obligations related to vested equity awards; insiders own 0.73% of the company.

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have earned a consensus recommendation of "Hold" from the twelve research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $20.75.

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Fortrea from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Mizuho upped their price target on shares of Fortrea from $13.00 to $16.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. William Blair raised shares of Fortrea to a "hold" rating in a report on Wednesday, July 29th. Robert W. Baird set a $23.00 price objective on shares of Fortrea in a research note on Thursday, July 30th. Finally, Evercore reissued an "outperform" rating on shares of Fortrea in a report on Wednesday, July 29th.

Insider Transactions at Fortrea

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of Fortrea stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the completion of the sale, the chief executive officer owned 316,797 shares of the company's stock, valued at approximately $6,069,830.52. The trade was a 23.97% decrease in their position. The sale was disclosed in a legal 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. 0.73% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. raised its stake in shares of Fortrea by 90.7% in the second quarter. Assenagon Asset Management S.A. now owns 173,129 shares of the company's stock worth $3,012,000 after purchasing an additional 82,349 shares during the last quarter. Essential Partners LLC boosted its position in Fortrea by 140.2% in the first quarter. Essential Partners LLC now owns 9,675 shares of the company's stock valued at $91,000 after buying an additional 5,647 shares during the last quarter. Amundi increased its holdings in Fortrea by 20.2% in the 1st quarter. Amundi now owns 12,490 shares of the company's stock worth $118,000 after buying an additional 2,101 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Fortrea by 9.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company's stock worth $103,000 after buying an additional 953 shares during the period. Finally, California State Teachers Retirement System raised its position in Fortrea by 51.3% during the 1st quarter. California State Teachers Retirement System now owns 132,369 shares of the company's stock worth $1,247,000 after buying an additional 44,882 shares during the last quarter.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $19.52 on Wednesday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $1.86 billion, a PE ratio of -21.45, a P/E/G ratio of 0.46 and a beta of 1.99. The business has a 50-day simple moving average of $17.63 and a two-hundred day simple moving average of $13.91. Fortrea has a fifty-two week low of $6.89 and a fifty-two week high of $21.39.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results 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 positive return on equity of 10.72% and a negative net margin of 3.18%.The business had revenue of $678.20 million for the quarter, compared to analyst estimates of $647.57 million. As a group, equities analysts expect that Fortrea will post 0.85 EPS for the current fiscal year.

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.

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