Fortrea (NASDAQ:FTRE) Stock Rating Upgraded by Zacks Research

Fortrea (NASDAQ:FTRE) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other analysts also recently issued reports about the company. TD Cowen reissued a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. Robert W. Baird set a $20.00 target price on shares of Fortrea in a research report on Wednesday, May 6th. Wall Street Zen lowered shares of Fortrea from a “buy” rating to a “hold” rating in a research note on Sunday. Mizuho lifted their price target on shares of Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Finally, Barclays upped their price objective on shares of Fortrea from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Fortrea presently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Fortrea Stock Down 2.1%

FTRE stock opened at $17.48 on Monday. Fortrea has a one year low of $4.40 and a one year high of $18.67. The firm has a market cap of $1.65 billion, a PE ratio of -3.56, a PEG ratio of 0.54 and a beta of 2.03. The firm’s 50 day moving average price is $15.25 and its 200-day moving average price is $13.66. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 0.95.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%.The company had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.50 million. On average, equities research analysts anticipate that Fortrea will post 0.8 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its stake in Fortrea by 48.9% during the 1st quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock worth $920,000 after buying an additional 39,944 shares during the period. Caxton Associates LLP acquired a new position in shares of Fortrea in the first quarter worth $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Fortrea by 10.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock worth $2,135,000 after acquiring an additional 27,746 shares in the last quarter. Focus Partners Wealth purchased a new stake in shares of Fortrea during the first quarter worth $80,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Fortrea in the first quarter valued at $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.