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

Zacks Research cut shares of Fortrea (NASDAQ:FTRE) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Citigroup lifted their target price on Fortrea from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Evercore reissued an “outperform” rating on shares of Fortrea in a report on Wednesday, July 29th. Mizuho lifted their target price on shares of Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Barclays raised their price objective on shares of Fortrea from $18.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Finally, William Blair upgraded shares of Fortrea to a “hold” rating in a research note on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Fortrea has a consensus rating of “Hold” and a consensus price target of $20.75.

Fortrea Stock Performance

Shares of FTRE opened at $19.05 on Tuesday. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -20.93, a price-to-earnings-growth ratio of 0.43 and a beta of 1.99. Fortrea has a 52-week low of $5.82 and a 52-week high of $21.39. 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 50 day moving average price of $17.37 and a 200 day moving average price of $13.85.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FTRE. Goldman Sachs Group Inc. increased its holdings in Fortrea by 3.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock valued at $142,702,000 after buying an additional 293,992 shares in the last quarter. Vanguard Group Inc. grew its holdings in Fortrea by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock valued at $143,710,000 after purchasing an additional 258,098 shares during the last quarter. Eagle Health Investments LP grew its holdings in Fortrea by 23.2% in the fourth quarter. Eagle Health Investments LP now owns 1,218,560 shares of the company’s stock valued at $21,020,000 after purchasing an additional 229,788 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Fortrea in the first quarter valued at $2,990,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Fortrea during the 1st quarter worth $1,094,000.

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.