Fortrea (NASDAQ:FTRE) Lowered to Hold Rating by Zacks Research

Fortrea (NASDAQ:FTRE) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the stock. Barclays upped their price objective on shares of Fortrea from $18.00 to $22.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Evercore reissued an “outperform” rating on shares of Fortrea in a research report on Wednesday, July 29th. Wall Street Zen upgraded Fortrea from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. TD Cowen lifted their price objective on Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $20.00 target price on shares of Fortrea in a research note on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Fortrea currently has an average rating of “Hold” and a consensus target price of $20.75.

Fortrea Price Performance

Shares of FTRE stock opened at $19.05 on Tuesday. The business’s fifty day moving average is $17.37 and its 200 day moving average is $13.85. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -20.93, a PEG ratio of 0.43 and a beta of 1.99. Fortrea has a twelve month low of $5.82 and a twelve month high of $21.39.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.18 by $0.05. The business had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. Research analysts expect that Fortrea will post 0.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

A number of hedge funds have recently modified their holdings of FTRE. Assenagon Asset Management S.A. increased its stake in shares of Fortrea by 90.7% in the 2nd 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 in the last quarter. Essential Partners LLC lifted its position in Fortrea by 140.2% during the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock valued at $91,000 after purchasing an additional 5,647 shares in the last quarter. Amundi grew its holdings in Fortrea by 20.2% during the first quarter. Amundi now owns 12,490 shares of the company’s stock valued at $118,000 after purchasing an additional 2,101 shares during the period. EverSource Wealth Advisors LLC increased its position in Fortrea by 9.5% in the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock worth $103,000 after buying an additional 953 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in Fortrea by 51.3% in the first 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 in 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.