Fortrea (NASDAQ:FTRE) Trading Up 8.8% – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price was up 8.8% on Thursday . The stock traded as high as $14.73 and last traded at $14.5990. Approximately 131,781 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,516,176 shares. The stock had previously closed at $13.42.

Analyst Ratings Changes

Several analysts have recently weighed in on FTRE shares. Barclays increased their price target on shares of Fortrea from $11.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Mizuho increased their price target on shares of Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Robert W. Baird set a $20.00 price target on shares of Fortrea in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 price target on shares of Fortrea in a research note on Thursday, May 7th. Finally, Truist Financial set a $19.00 price target on shares of Fortrea in a research note on Wednesday, May 6th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.25.

Fortrea Price Performance

The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $1.42 billion, a PE ratio of -3.05, a PEG ratio of 0.40 and a beta of 1.92. The stock’s 50-day moving average is $11.27 and its two-hundred day moving average is $12.91.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The firm had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.51 million. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. On average, equities analysts predict that Fortrea Holdings Inc. will post 0.8 earnings per share for the current year.

Insider Buying and Selling

In other Fortrea news, CFO Jill G. Mcconnell sold 5,061 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $9.07, for a total value of $45,903.27. Following the completion of the transaction, the chief financial officer owned 69,796 shares of the company’s stock, valued at $633,049.72. This trade represents a 6.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders have sold 8,792 shares of company stock valued at $80,014. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its position in Fortrea by 136.7% in the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after buying an additional 1,072 shares during the period. Osaic Holdings Inc. boosted its position in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after buying an additional 2,918 shares during the period. Tower Research Capital LLC TRC boosted its position in Fortrea by 137.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after buying an additional 5,036 shares during the period. Toronto Dominion Bank purchased a new position in Fortrea in the 4th quarter valued at approximately $51,000. Finally, Allworth Financial LP boosted its position in Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after buying an additional 1,109 shares during the period.

Fortrea Company Profile

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.