Fortrea (NASDAQ:FTRE) Shares Gap Up – What’s Next?
by Scott Moore · The Cerbat GemShares of Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $16.62, but opened at $18.12. Fortrea shares last traded at $17.6570, with a volume of 315,216 shares.
Analysts Set New Price Targets
A number of analysts have recently commented on FTRE shares. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a report on Wednesday, October 8th. Barclays set a $15.00 price target on shares of Fortrea and gave the stock an “equal weight” rating in a research note on Monday, December 15th. Wedbush set a $21.00 price target on shares of Fortrea in a research report on Thursday, December 11th. Citigroup raised shares of Fortrea from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $12.00 to $21.00 in a research note on Thursday, December 11th. Finally, Jefferies Financial Group upped their price objective on shares of Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $14.50.
Read Our Latest Stock Report on Fortrea
Fortrea Stock Up 7.9%
The company has a market capitalization of $1.66 billion, a PE ratio of -1.59, a P/E/G ratio of 0.49 and a beta of 1.59. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.00 and a current ratio of 1.00. The company’s 50-day moving average is $13.64 and its 200 day moving average is $9.95.
Fortrea (NASDAQ:FTRE – Get Free Report) last issued its earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.04). Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%.The firm had revenue of $701.30 million during the quarter, compared to analysts’ expectations of $643.43 million. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.
Institutional Investors Weigh In On Fortrea
Several large investors have recently bought and sold shares of the business. Allworth Financial LP lifted its stake in Fortrea by 6,802.4% during the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after acquiring an additional 5,578 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Fortrea by 214.3% during the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after purchasing an additional 2,278 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after purchasing an additional 5,036 shares during the period. Finally, Ameritas Investment Partners Inc. purchased a new stake in Fortrea in the second quarter worth approximately $46,000.
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.