Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $16.75

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been given a consensus rating of “Hold” by the twelve research firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $16.75.

Several research firms have weighed in on FTRE. Citigroup raised Fortrea from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $12.00 to $21.00 in a research report on Thursday, December 11th. Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Truist Financial set a $22.00 target price on Fortrea and gave the stock a “buy” rating in a report on Thursday, January 8th. Barclays set a $15.00 target price on Fortrea and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Finally, Wedbush set a $21.00 price target on shares of Fortrea in a research report on Thursday, December 11th.

Fortrea Price Performance

NASDAQ FTRE opened at $17.06 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $1.58 billion, a PE ratio of -1.52, a price-to-earnings-growth ratio of 0.49 and a beta of 1.59. Fortrea has a 12-month low of $3.97 and a 12-month high of $18.67. The company has a 50 day moving average price of $15.54 and a two-hundred day moving average price of $11.21.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The business had revenue of $701.30 million for the quarter, compared to the consensus estimate of $643.43 million. Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. As a group, equities analysts predict that Fortrea will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC grew its position in shares of Fortrea by 494.8% in the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after purchasing an additional 5,419,842 shares during the last quarter. Park West Asset Management LLC bought a new stake in Fortrea during the 3rd quarter valued at approximately $18,579,000. Bank of Nova Scotia acquired a new stake in Fortrea in the 2nd quarter valued at approximately $5,087,000. Eagle Health Investments LP bought a new position in Fortrea in the 3rd quarter worth approximately $8,325,000. Finally, Bank of America Corp DE lifted its holdings in shares of Fortrea by 78.1% during the third quarter. Bank of America Corp DE now owns 1,525,023 shares of the company’s stock worth $12,841,000 after buying an additional 668,691 shares during 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.