Fortrea (NASDAQ:FTRE) Hits New 52-Week High - What's Next?

Key Points

• Fortrea shares hit a new 52-week high, reaching as much as $20.19 intraday before closing near $19.78, as the stock rose about 6% on the day.
• Analyst sentiment remains mixed but generally positive: the stock carries a consensus “Moderate Buy” rating with a $17.75 target, though some firms recently downgraded or maintained cautious views.
• Fortrea’s latest earnings beat expectations, with EPS of $0.16 versus a $0.03 estimate and revenue of $636.5 million topping forecasts, while several institutional investors significantly increased their stakes.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $20.19 and last traded at $19.7750, with a volume of 183436 shares changing hands. The stock had previously closed at $18.49.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays boosted their price target on shares of Fortrea from $16.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 24th. Wall Street Zen cut shares of Fortrea from a "buy" rating to a "hold" rating in a report on Tuesday. Weiss Ratings reissued a "sell (d-)" rating on shares of Fortrea in a report on Friday, July 17th. TD Cowen reissued a "buy" rating on shares of Fortrea in a research report on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $14.00 price target on shares of Fortrea in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.75.

Fortrea Trading Up 6.0%

The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $1.85 billion, a price-to-earnings ratio of -3.98, a PEG ratio of 0.54 and a beta of 2.03. The business's 50-day simple moving average is $16.20 and its 200-day simple moving average is $13.69.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.13. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%.The firm had revenue of $636.50 million for the quarter, compared to analyst estimates of $628.50 million. Research analysts predict that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its stake in Fortrea by 494.8% in the second 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. Park West Asset Management LLC purchased a new position in Fortrea during the third quarter worth approximately $18,579,000. Iron Triangle Partners LP acquired a new position in Fortrea in the fourth quarter valued at $34,264,000. MetLife Investment Management LLC raised its holdings in shares of Fortrea by 2,328.5% in the 4th quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company's stock worth $23,609,000 after purchasing an additional 1,312,297 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Fortrea by 163.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company's stock worth $12,241,000 after purchasing an additional 807,081 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.

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