Fortrea (NASDAQ:FTRE) Shares Gap Up – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE) gapped up before the market opened on Tuesday . The stock had previously closed at $16.62, but opened at $18.12. Fortrea shares last traded at $17.6570, with a volume of 315,216 shares trading hands.

Wall Street Analyst Weigh In

FTRE has been the subject of a number of research reports. Evercore ISI set a $25.00 price objective on shares of Fortrea and gave the company an “outperform” rating in a research note on Tuesday. Barclays set a $15.00 price target on shares of Fortrea and gave the stock an “equal weight” rating in a research note on Monday, December 15th. Mizuho raised their price objective on Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, December 18th. Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Citigroup upgraded Fortrea from a “neutral” rating to a “buy” rating and increased their target price for the company from $12.00 to $21.00 in a report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.50.

Fortrea Trading Up 7.9%

The firm has a market cap of $1.66 billion, a PE ratio of -1.59, a PEG ratio of 0.49 and a beta of 1.59. The firm has a fifty day simple moving average of $13.64 and a two-hundred day simple moving average of $9.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81.

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

Institutional Investors Weigh In On Fortrea

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its position in shares of Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after buying an additional 5,419,842 shares during the period. Millennium Management LLC boosted its position in Fortrea by 1,625.8% during the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock valued at $26,419,000 after acquiring an additional 3,296,461 shares in the last quarter. Park West Asset Management LLC purchased a new position in shares of Fortrea during the 3rd quarter worth approximately $18,579,000. Bank of Nova Scotia bought a new position in shares of Fortrea in the 2nd quarter worth approximately $5,087,000. Finally, Eagle Health Investments LP purchased a new position in shares of Fortrea in the 3rd quarter valued at approximately $8,325,000.

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.