UBS Group AG trimmed its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE – Free Report) by 66.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,055 shares of the company’s stock after selling 546,488 shares during the period. UBS Group AG owned approximately 0.30% of Fortrea worth $4,727,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in FTRE. AQR Capital Management LLC grew its position in shares of Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after purchasing an additional 5,419,842 shares in the last quarter. Park West Asset Management LLC purchased a new position in shares of Fortrea during the 3rd quarter valued at $18,579,000. Eagle Health Investments LP purchased a new position in shares of Fortrea during the 3rd quarter valued at $8,325,000. Bank of America Corp DE grew its position in shares of Fortrea by 78.1% during the 3rd quarter. Bank of America Corp DE now owns 1,525,023 shares of the company’s stock valued at $12,841,000 after purchasing an additional 668,691 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Fortrea during the 2nd quarter valued at $3,151,000.
Analyst Ratings Changes
A number of research analysts have recently commented on FTRE shares. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price target on shares of Fortrea in a research report on Thursday, May 7th. Barclays boosted their price target on shares of Fortrea from $11.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Truist Financial set a $19.00 price target on shares of Fortrea in a research report on Wednesday, May 6th. Finally, Mizuho upped their target price on shares of Fortrea from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Fortrea currently has a consensus rating of “Hold” and an average price target of $17.25.
Fortrea Stock Performance
Fortrea stock opened at $13.14 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a market capitalization of $1.24 billion, a PE ratio of -2.68, a P/E/G ratio of 0.42 and a beta of 1.92. The firm has a fifty day simple moving average of $10.95 and a two-hundred day simple moving average of $12.84. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $18.67.
Fortrea (NASDAQ:FTRE – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.13. The business had revenue of $636.50 million during the quarter, compared to the consensus estimate of $628.51 million. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. Research analysts expect that Fortrea Holdings Inc. will post 0.8 EPS for the current year.
Insiders Place Their Bets
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 shares were sold at an average price of $9.07, for a total value of $45,903.27. Following the completion of the sale, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at $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 SEC, which is available at the SEC website. Insiders have sold 8,792 shares of company stock valued at $80,014 over the last ninety days. Insiders own 0.38% of the company’s stock.
Fortrea 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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