Fortrea (NASDAQ:FTRE) Rating Increased to Hold at William Blair

William Blair upgraded shares of Fortrea (NASDAQ:FTRE) to a hold rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

FTRE has been the subject of a number of other research reports. Wall Street Zen raised Fortrea from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Friday, July 17th. Truist Financial boosted their price target on Fortrea from $19.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $20.00 price objective on shares of Fortrea in a research note on Thursday. Finally, Citigroup raised their price objective on Fortrea from $20.00 to $22.00 and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.95.

Fortrea Stock Up 0.5%

FTRE stock opened at $19.17 on Wednesday. Fortrea has a 52 week low of $5.26 and a 52 week high of $21.39. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The firm has a 50-day simple moving average of $17.05 and a 200-day simple moving average of $13.84. The stock has a market capitalization of $1.82 billion, a P/E ratio of -21.07, a P/E/G ratio of 0.46 and a beta of 2.03.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The firm had revenue of $678.20 million for the quarter, compared to analyst estimates of $647.57 million. Equities analysts forecast that Fortrea will post 0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in Fortrea by 48.9% during the first quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock worth $920,000 after buying an additional 39,944 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of Fortrea in the 1st quarter worth $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Fortrea by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock worth $2,135,000 after acquiring an additional 27,746 shares during the last quarter. Focus Partners Wealth purchased a new position in shares of Fortrea during the 1st quarter worth $80,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Fortrea during the 1st quarter worth $65,000.

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.