Fortrea (NASDAQ:FTRE) Sets New 1-Year High - Here's What Happened

Key Points

• Fortrea shares reached a new 52-week high, trading as high as $21.12 and recently changing hands at $20.70, up from a previous close of $19.20.
• The company exceeded quarterly expectations, reporting $0.16 in earnings per share versus a $0.03 consensus estimate and revenue of $636.5 million versus $628.5 million expected.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating and a $17.75 average price target, although several firms maintain Hold ratings and the stock’s current price is above that target.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $21.12 and last traded at $20.70, with a volume of 3237937 shares changing hands. The stock had previously closed at $19.20.

Wall Street Analysts Forecast Growth

FTRE has been the topic of several research analyst reports. TD Cowen reissued a "buy" rating on shares of Fortrea in a research report on Wednesday, May 6th. Robert W. Baird set a $20.00 price target on shares of Fortrea in a report on Wednesday, May 6th. Barclays lifted their price objective 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 lowered shares of Fortrea from a "buy" rating to a "hold" rating in a report on Tuesday, July 21st. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $14.00 target price on shares of Fortrea in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.75.

Fortrea Price Performance

The stock has a fifty day moving average of $16.68 and a 200 day moving average of $13.77. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -4.22, a P/E/G ratio of 0.58 and a beta of 2.03. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $636.50 million for the quarter, compared to the consensus estimate of $628.50 million. On average, analysts expect that Fortrea Holdings Inc. will post 0.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FTRE. Larson Financial Group LLC boosted its holdings in Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company's stock valued at $32,000 after purchasing an additional 1,072 shares during the last quarter. Toronto Dominion Bank acquired a new position in shares of Fortrea in the 4th quarter valued at about $51,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Fortrea by 27.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company's stock valued at $77,000 after buying an additional 980 shares during the period. Allworth Financial LP boosted its stake in shares of Fortrea by 19.6% in the third quarter. Allworth Financial LP now owns 6,769 shares of the company's stock worth $57,000 after buying an additional 1,109 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its stake in shares of Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock worth $38,000 after buying an additional 2,918 shares during 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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