Citigroup Issues Positive Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its price objective increased by Citigroup from $22.00 to $27.00 in a research note published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Fortrea from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $25.00 in a research report on Thursday, October 15th. Zacks Research cut Fortrea from a “hold” rating to a “strong sell” rating in a research report on Monday, October 12th. Barclays boosted their target price on shares of Fortrea from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday. TD Cowen upped their target price on shares of Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Evercore reaffirmed an “outperform” rating on shares of Fortrea in a research note on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $23.68.

Fortrea Trading Down 8.0%

Shares of Fortrea stock opened at $21.29 on Friday. Fortrea has a 1 year low of $8.55 and a 1 year high of $26.16. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.97 and a quick ratio of 0.96. The business has a 50 day moving average price of $20.28 and a 200 day moving average price of $15.74. The company has a market capitalization of $2.02 billion, a P/E ratio of -29.16, a P/E/G ratio of 0.56 and a beta of 1.93.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Thursday, October 29th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.06. The firm had revenue of $691.50 million for the quarter, compared to analysts’ expectations of $671.57 million. Fortrea had a positive return on equity of 13.98% and a negative net margin of 2.58%. Sell-side analysts anticipate that Fortrea will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the transaction, the chief executive officer owned 316,797 shares of the company’s stock, valued at $6,069,830.52. This represents a 23.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

Several institutional investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. acquired a new position in shares of Fortrea during the 3rd quarter valued at about $30,000. Ancora Advisors LLC acquired a new stake in shares of Fortrea in the second quarter worth approximately $59,000. Allworth Financial LP boosted its position in shares of Fortrea by 22.3% in the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after acquiring an additional 716 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Fortrea in the third quarter worth approximately $97,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Fortrea in the second quarter valued at approximately $115,000.

Key Fortrea News

Here are the key news stories impacting Fortrea this week:

• Positive Sentiment: Fortrea reported third-quarter adjusted earnings of $0.28 per share, above the $0.22 consensus estimate and up from $0.12 a year earlier. Revenue of $691.5 million also exceeded expectations of $671.6 million. Fortrea Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Management forecast 2026 revenue of $2.665 billion to $2.690 billion and raised its adjusted EBITDA outlook to $210 million-$218 million, signaling improved expected operating profitability. Fortrea Raises Adjusted EBITDA Outlook
• Positive Sentiment: Barclays raised its price target from $23 to $26 and maintained an “overweight” rating, reflecting increased confidence in Fortrea’s valuation and earnings potential. Barclays Fortrea Rating
• Neutral Sentiment: Despite the earnings beat, Fortrea continues to report a negative net margin, so investors may remain focused on whether the improved EBITDA outlook translates into sustainable bottom-line earnings. Fortrea Third-Quarter Results
• Negative Sentiment: Fortrea shares fell after the results, indicating that investors may have viewed the revised guidance, business outlook, or earnings quality as less compelling than the headline quarterly beat. Fortrea Shares Drop After Q3 Results

Fortrea Company Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company helps clients plan, manage and execute clinical development programs, supporting the testing of new medicines and therapies from early-stage research through regulatory approval and post-approval activities.

Its services include Phase I through Phase IV clinical trials, clinical operations, patient recruitment and access, data management, biostatistics, medical monitoring, pharmacovigilance and regulatory support.