Fortrea (NASDAQ:FTRE) Shares Down 7.4% – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price fell 7.4% during mid-day trading on Tuesday . The stock traded as low as $8.99 and last traded at $9.10. 686,066 shares traded hands during trading, a decline of 60% from the average session volume of 1,716,244 shares. The stock had previously closed at $9.83.

Analyst Ratings Changes

FTRE has been the subject of a number of recent analyst reports. Wedbush set a $21.00 target price on shares of Fortrea in a research report on Thursday, December 11th. Mizuho set a $15.00 target price on Fortrea in a report on Friday, January 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a report on Thursday, January 22nd. TD Cowen raised shares of Fortrea from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Monday. Finally, Citigroup raised Fortrea from a “neutral” rating to a “buy” rating and boosted their target price for the company from $12.00 to $21.00 in a research report on Thursday, December 11th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.15.

Fortrea Stock Performance

The firm has a market cap of $850.76 million, a PE ratio of -0.83, a PEG ratio of 0.35 and a beta of 1.81. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.86. The company has a 50-day simple moving average of $14.24 and a two-hundred day simple moving average of $12.47.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.07). Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%.The company had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.22 million. As a group, equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Institutional Trading of Fortrea

Several hedge funds and other institutional investors have recently modified their holdings of FTRE. Sanctuary Advisors LLC grew its stake in Fortrea by 1.7% in the 4th quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company’s stock valued at $632,000 after buying an additional 627 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Fortrea by 3.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company’s stock worth $365,000 after acquiring an additional 700 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Fortrea by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock worth $77,000 after acquiring an additional 980 shares during the period. Amalgamated Bank grew its position in shares of Fortrea by 4.0% in the third quarter. Amalgamated Bank now owns 26,688 shares of the company’s stock valued at $225,000 after purchasing an additional 1,026 shares in the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Fortrea by 136.7% during the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after purchasing an additional 1,072 shares during the period.

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.