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

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

Analysts Set New Price Targets

FTRE has been the topic of a number of research reports. Robert W. Baird set a $23.00 price target on Fortrea in a report on Thursday, July 30th. Zacks Research raised Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. TD Cowen boosted their target price on Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday. Wall Street Zen raised Fortrea from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Fortrea currently has an average rating of “Moderate Buy” and a consensus price target of $20.75.

Fortrea Stock Down 5.0%

The firm’s 50-day simple moving average is $17.26 and its 200 day simple moving average is $13.82. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.71 billion, a P/E ratio of -19.77, a PEG ratio of 0.46 and a beta of 1.99.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.05. The company had revenue of $678.20 million during the quarter, compared to analysts’ expectations of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. As a group, research analysts expect that Fortrea Holdings Inc. will post 0.85 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its stake in shares of Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after purchasing an additional 5,419,842 shares in the last quarter. Park West Asset Management LLC bought a new position in shares of Fortrea in the third quarter valued at $18,579,000. Iron Triangle Partners LP acquired a new position in Fortrea during the fourth quarter worth $34,264,000. MetLife Investment Management LLC increased its holdings in Fortrea by 2,328.5% during the fourth quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock worth $23,609,000 after buying an additional 1,312,297 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Fortrea by 163.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock worth $12,241,000 after acquiring an additional 807,081 shares in the last quarter.

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.