Fortrea (NASDAQ:FTRE) Given New $13.00 Price Target at Mizuho

Fortrea (NASDAQ:FTRE) had its price objective boosted by equities researchers at Mizuho from $11.00 to $13.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho’s price objective would indicate a potential downside of 13.28% from the company’s current price.

Other equities research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price target on shares of Fortrea in a research report on Thursday. Barclays boosted their price objective on Fortrea from $11.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a report on Tuesday, April 21st. Truist Financial set a $19.00 target price on Fortrea in a research note on Wednesday, May 6th. Finally, Citigroup lifted their price target on Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Fortrea currently has a consensus rating of “Hold” and an average price target of $16.14.

Fortrea Stock Performance

NASDAQ:FTRE opened at $14.99 on Tuesday. The company has a market cap of $1.42 billion, a P/E ratio of -3.05, a P/E/G ratio of 0.50 and a beta of 1.92. Fortrea has a twelve month low of $3.97 and a twelve month high of $18.67. The company’s 50-day moving average price is $10.33 and its 200-day moving average price is $12.65. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $628.51 million. On average, sell-side analysts forecast that Fortrea will post 0.76 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Jill G. Mcconnell sold 5,061 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $9.07, for a total value of $45,903.27. Following the sale, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at approximately $633,049.72. The trade was a 6.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 8,792 shares of company stock valued at $80,014. 0.38% of the stock is currently owned by insiders.

Institutional Trading of Fortrea

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in Fortrea by 48.9% during the first quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock worth $920,000 after purchasing an additional 39,944 shares in the last quarter. Caxton Associates LLP acquired a new stake in shares of Fortrea in the first quarter valued at $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Fortrea by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock valued at $2,135,000 after buying an additional 27,746 shares during the period. Focus Partners Wealth acquired a new position in Fortrea during the 1st quarter worth about $80,000. Finally, Acadian Asset Management LLC acquired a new position in Fortrea during the 1st quarter worth about $65,000.

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.