Fortrea (NASDAQ:FTRE) Stock Rating Upgraded by William Blair

Fortrea (NASDAQ:FTRE) was upgraded by stock analysts at William Blair to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also commented on FTRE. Truist Financial lifted their price target on Fortrea from $19.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Friday, July 17th. Evercore reaffirmed an “outperform” rating on shares of Fortrea in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $20.00 target price on shares of Fortrea in a report on Thursday. Finally, Robert W. Baird set a $23.00 target price on Fortrea in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Fortrea presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.95.

Fortrea Price Performance

Fortrea stock opened at $19.17 on Wednesday. Fortrea has a 52-week low of $5.26 and a 52-week high of $21.39. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The firm’s fifty day moving average is $17.05 and its 200 day moving average is $13.84. The company has a market cap of $1.82 billion, a price-to-earnings ratio of -21.07, a PEG ratio of 0.46 and a beta of 2.03.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 EPS 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 business had revenue of $678.20 million during the quarter, compared to analysts’ expectations of $647.57 million. Sell-side analysts forecast that Fortrea will post 0.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FTRE. Sanctuary Advisors LLC grew its holdings in Fortrea by 1.7% during the 4th quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company’s stock worth $632,000 after acquiring an additional 627 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Fortrea by 3.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company’s stock valued at $365,000 after purchasing an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Fortrea by 9.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock valued at $103,000 after purchasing an additional 953 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortrea by 27.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock worth $77,000 after purchasing an additional 980 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Fortrea by 136.7% in the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock worth $32,000 after purchasing an additional 1,072 shares during the period.

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.