Y Intercept Hong Kong Ltd Invests $1.09 Million in Fortrea Holdings Inc. $FTRE

Y Intercept Hong Kong Ltd bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 116,092 shares of the company’s stock, valued at approximately $1,094,000. Y Intercept Hong Kong Ltd owned 0.12% of Fortrea at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTRE. Royal Bank of Canada raised its position in shares of Fortrea by 48.9% during the 1st quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock worth $920,000 after purchasing an additional 39,944 shares during the last quarter. Caxton Associates LLP purchased a new position in Fortrea during the first quarter worth $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Fortrea by 10.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock worth $2,135,000 after buying an additional 27,746 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Fortrea in the first quarter worth $80,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Fortrea in the first quarter worth $65,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FTRE. Truist Financial set a $19.00 target price on shares of Fortrea in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a report on Tuesday, April 21st. Barclays increased their price target on Fortrea from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 24th. Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a research report on Sunday, July 5th. Finally, Citigroup upped their target price on Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.45.

Fortrea Stock Up 0.5%

Shares of FTRE traded up $0.09 during mid-day trading on Friday, reaching $17.76. 832,053 shares of the stock traded hands, compared to its average volume of 1,380,103. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -3.62, a P/E/G ratio of 0.54 and a beta of 2.03. The stock has a fifty day simple moving average of $15.66 and a 200 day simple moving average of $13.69. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. Fortrea Holdings Inc. has a 12-month low of $4.45 and a 12-month high of $18.67.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. The business had revenue of $636.50 million for the quarter, compared to analysts’ expectations of $628.50 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. Sell-side analysts expect 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.