Fortrea (NASDAQ:FTRE) Shares Up 10.5% – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE) shares shot up 10.5% during trading on Thursday . The stock traded as high as $17.20 and last traded at $17.27. 886,991 shares traded hands during trading, a decline of 42% from the average session volume of 1,522,327 shares. The stock had previously closed at $15.63.

Analyst Ratings Changes

Several research firms have commented on FTRE. Mizuho lifted their price target on Fortrea from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Citigroup lifted their price target on Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. TD Cowen reaffirmed a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price target on shares of Fortrea in a research report on Thursday, May 7th. Finally, Barclays lifted their price target on Fortrea from $11.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.25.

Fortrea Stock Performance

The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $1.52 billion, a PE ratio of -3.27, a P/E/G ratio of 0.52 and a beta of 2.12. The stock has a 50 day moving average of $12.13 and a two-hundred day moving average of $13.13.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, beating 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 $628.51 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. Research analysts expect that Fortrea Holdings Inc. will post 0.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortrea news, CFO Jill G. Mcconnell sold 5,061 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total transaction of $45,903.27. Following the sale, the chief financial officer directly owned 69,796 shares in the company, valued at approximately $633,049.72. The trade was a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 8,792 shares of company stock worth $80,014 in the last quarter. 0.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortrea

A number of institutional investors have recently made changes to their positions in the stock. Essential Partners LLC raised its holdings in shares of Fortrea by 140.2% in the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock worth $91,000 after acquiring an additional 5,647 shares during the last quarter. Amundi raised its holdings in shares of Fortrea by 20.2% in the first quarter. Amundi now owns 12,490 shares of the company’s stock worth $118,000 after acquiring an additional 2,101 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Fortrea by 9.5% in the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock worth $103,000 after acquiring an additional 953 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Fortrea by 51.3% in the first quarter. California State Teachers Retirement System now owns 132,369 shares of the company’s stock worth $1,247,000 after acquiring an additional 44,882 shares during the last quarter. Finally, Eagle Health Investments LP raised its holdings in shares of Fortrea by 7.3% in the first quarter. Eagle Health Investments LP now owns 1,307,560 shares of the company’s stock worth $12,317,000 after acquiring an additional 89,000 shares during the last quarter.

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.