Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $17.75

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $17.75.

FTRE has been the subject of a number of research reports. Citigroup lifted their price objective on Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen cut Fortrea from a “buy” rating to a “hold” rating in a report on Tuesday. Zacks Research raised Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price target on shares of Fortrea in a research note on Thursday, May 7th. Finally, TD Cowen reissued a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th.

Hedge Funds Weigh In On Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its stake in shares of Fortrea by 90.7% in the second quarter. Assenagon Asset Management S.A. now owns 173,129 shares of the company’s stock worth $3,012,000 after acquiring an additional 82,349 shares in the last quarter. Essential Partners LLC raised its stake in shares of Fortrea by 140.2% in the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock valued at $91,000 after acquiring an additional 5,647 shares in the last quarter. Amundi raised its stake in shares of Fortrea by 20.2% in the first quarter. Amundi now owns 12,490 shares of the company’s stock valued at $118,000 after acquiring an additional 2,101 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Fortrea by 9.5% in the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock valued at $103,000 after purchasing an additional 953 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in Fortrea by 51.3% in the first quarter. California State Teachers Retirement System now owns 132,369 shares of the company’s stock valued at $1,247,000 after purchasing an additional 44,882 shares during the period.

Fortrea Stock Down 0.2%

Shares of FTRE opened at $17.73 on Friday. The company’s 50-day moving average price is $16.05 and its 200 day moving average price is $13.68. Fortrea has a 12-month low of $4.57 and a 12-month high of $18.67. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a market cap of $1.68 billion, a P/E ratio of -3.61, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. The business had revenue of $636.50 million for the quarter, compared to the consensus estimate of $628.50 million. On average, sell-side analysts forecast that Fortrea will post 0.8 earnings per share for the current year.

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.