Wall Street Zen Downgrades Fortrea (NASDAQ:FTRE) to Hold

Fortrea (NASDAQ:FTRE) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

Several other research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price target on shares of Fortrea in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Tuesday, April 21st. Truist Financial set a $19.00 price objective on shares of Fortrea in a report on Wednesday, May 6th. TD Cowen reissued a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. Finally, Robert W. Baird set a $20.00 target price on Fortrea in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.75.

Fortrea Stock Up 3.2%

Shares of Fortrea stock opened at $18.49 on Tuesday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -3.77, a P/E/G ratio of 0.54 and a beta of 2.03. The stock has a 50-day simple moving average of $16.20 and a 200-day simple moving average of $13.69. Fortrea has a 52-week low of $5.26 and a 52-week high of $18.67. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95.

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

Institutional Trading of Fortrea

Several large investors have recently modified their holdings of FTRE. Royal Bank of Canada raised its holdings in Fortrea by 48.9% in the 1st quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock worth $920,000 after acquiring an additional 39,944 shares during the period. Caxton Associates LLP acquired a new position in Fortrea during the 1st quarter worth $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Fortrea by 10.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock valued at $2,135,000 after acquiring an additional 27,746 shares during the period. Focus Partners Wealth bought a new stake in Fortrea during the first quarter valued at about $80,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Fortrea in the first quarter valued at about $65,000.

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.