Fortrea (NASDAQ:FTRE) Trading Down 5.7% – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE) was down 5.7% on Monday . The stock traded as low as $17.69 and last traded at $18.0690. Approximately 339,110 shares traded hands during trading, a decline of 78% from the average daily volume of 1,512,641 shares. The stock had previously closed at $19.17.

Analyst Ratings Changes

Several equities analysts have commented on FTRE shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a report on Friday, July 17th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $20.00 target price on shares of Fortrea in a report on Thursday. Citigroup boosted their target price on shares of Fortrea from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday. Zacks Research upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Finally, Truist Financial upped their target price on Fortrea from $19.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.95.

Fortrea Stock Down 0.9%

The company has a market cap of $1.81 billion, a P/E ratio of -20.96, a PEG ratio of 0.46 and a beta of 1.99. The business’s 50 day moving average price is $17.05 and its 200-day moving average price is $13.80. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.96 and a quick ratio of 0.96.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, beating 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 company had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in shares of Fortrea by 494.8% in the 2nd 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 bought a new stake in shares of Fortrea during the third quarter worth approximately $18,579,000. Iron Triangle Partners LP bought a new stake in shares of Fortrea during the fourth quarter worth approximately $34,264,000. MetLife Investment Management LLC lifted its holdings in Fortrea by 2,328.5% in the fourth quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock valued at $23,609,000 after buying an additional 1,312,297 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Fortrea by 163.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock valued at $12,241,000 after buying an additional 807,081 shares during the period.

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.