Wall Street Zen lowered shares of Fortrea (NASDAQ:FTRE – Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.
A number of other equities analysts also recently commented on FTRE. Mizuho upped their target price on Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Truist Financial lifted their price target on shares of Fortrea from $19.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Barclays boosted their price objective on shares of Fortrea from $18.00 to $22.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Evercore reaffirmed an “outperform” rating on shares of Fortrea in a research report on Wednesday, July 29th. Finally, TD Cowen lifted their target price on shares of Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.75.
View Our Latest Stock Analysis on FTRE
Fortrea Stock Down 0.3%
Fortrea (NASDAQ:FTRE – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. The business had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. Sell-side analysts forecast that Fortrea will post 0.85 earnings per share for the current year.
Insider Transactions at Fortrea
In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the completion of the transaction, the chief executive officer owned 316,797 shares of the company’s stock, valued at approximately $6,069,830.52. This trade represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.73% of the company’s stock.
Institutional Investors Weigh In On Fortrea
Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Fortrea by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock valued at $143,710,000 after purchasing an additional 258,098 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Fortrea by 3.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock valued at $142,702,000 after buying an additional 293,992 shares in the last quarter. AQR Capital Management LLC raised its stake in Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after buying an additional 5,419,842 shares during the last quarter. State Street Corp boosted its holdings in Fortrea by 1.0% in the fourth quarter. State Street Corp now owns 4,110,899 shares of the company’s stock worth $70,913,000 after acquiring an additional 39,777 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Fortrea by 21.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,219,029 shares of the company’s stock worth $55,528,000 after acquiring an additional 565,891 shares in the last quarter.
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.
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