Fortrea (NASDAQ:FTRE) Price Target Raised to $13.00

Fortrea (NASDAQ:FTRE) had its target price raised by Mizuho from $11.00 to $13.00 in a research report released on Thursday morning, MarketBeat.com reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently weighed in on the company. Barclays set a $15.00 price target on Fortrea and gave the company an “equal weight” rating in a research note on Monday, December 15th. Evercore ISI set a $14.00 price objective on Fortrea in a research note on Thursday, November 6th. Wall Street Zen lowered Fortrea from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Jefferies Financial Group raised their target price on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. Finally, Wedbush set a $21.00 target price on Fortrea in a research report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.28.

Fortrea Stock Performance

Fortrea stock opened at $17.74 on Thursday. The company has a market cap of $1.64 billion, a PE ratio of -1.58, a PEG ratio of 0.81 and a beta of 1.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81. Fortrea has a 1 year low of $3.97 and a 1 year high of $20.26. The company’s 50-day moving average is $12.05 and its two-hundred day moving average is $9.01.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%.The business had revenue of $701.30 million for the quarter, compared to the consensus estimate of $643.43 million. Equities analysts anticipate that Fortrea will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Fortrea

A number of hedge funds have recently modified their holdings of FTRE. Allworth Financial LP grew its position in shares of Fortrea by 6,802.4% in the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after purchasing an additional 5,578 shares during the period. Nisa Investment Advisors LLC lifted its stake in Fortrea by 214.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after buying an additional 2,278 shares in the last quarter. Brooklyn Investment Group boosted its holdings in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after buying an additional 3,831 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after buying an additional 2,918 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in shares of Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after acquiring an additional 5,036 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.