Y Intercept Hong Kong Ltd Makes New $1.09 Million Investment in Fortrea Holdings Inc. $FTRE

Y Intercept Hong Kong Ltd bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 1st quarter, Holdings Channel.com reports. The firm bought 116,092 shares of the company’s stock, valued at approximately $1,094,000.

Other hedge funds have also recently bought and sold shares of the company. Strs Ohio boosted its position in shares of Fortrea by 42.7% during the 1st quarter. Strs Ohio now owns 69,500 shares of the company’s stock valued at $655,000 after purchasing an additional 20,800 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Fortrea in the 1st quarter worth approximately $386,000. Krilogy Financial LLC raised its holdings in shares of Fortrea by 30.1% in the 1st quarter. Krilogy Financial LLC now owns 18,163 shares of the company’s stock worth $183,000 after purchasing an additional 4,202 shares in the last quarter. SG Americas Securities LLC lifted its stake in Fortrea by 42.0% during the first quarter. SG Americas Securities LLC now owns 217,592 shares of the company’s stock valued at $2,050,000 after purchasing an additional 64,364 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Fortrea by 9.0% during the fourth quarter. Invesco Ltd. now owns 794,615 shares of the company’s stock worth $13,707,000 after buying an additional 65,787 shares in the last quarter.

Analysts Set New Price Targets

Several research firms have recently weighed in on FTRE. Citigroup raised their price objective on Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. TD Cowen reaffirmed a “buy” rating on shares of Fortrea in a report on Wednesday, May 6th. Barclays increased their price target on Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 24th. Robert W. Baird set a $20.00 price target on Fortrea in a research note on Wednesday, May 6th. Finally, Mizuho boosted their price objective on Fortrea from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.45.

Fortrea Trading Up 0.5%

Fortrea stock traded up $0.09 during midday trading on Friday, reaching $17.76. The stock had a trading volume of 832,053 shares, compared to its average volume of 1,380,103. The firm’s fifty day simple moving average is $15.66 and its two-hundred day simple moving average is $13.69. Fortrea Holdings Inc. has a twelve month low of $4.45 and a twelve month high of $18.67. 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 firm has a market cap of $1.68 billion, a price-to-earnings ratio of -3.62, a PEG ratio of 0.54 and a beta of 2.03.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data 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. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. The firm had revenue of $636.50 million for the quarter, compared to analysts’ expectations of $628.50 million. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.8 EPS for the current fiscal year.

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.