Concentric Capital Strategies LP Invests $5.07 Million in Fortrea Holdings Inc. $FTRE

Concentric Capital Strategies LP purchased a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, Holdings Channel reports. The firm purchased 293,924 shares of the company’s stock, valued at approximately $5,070,000.

Several other institutional investors have also added to or reduced their stakes in FTRE. Eagle Health Investments LP bought a new position in Fortrea during the 3rd quarter valued at approximately $8,325,000. Vanguard Group Inc. increased its stake in shares of Fortrea by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock valued at $143,710,000 after buying an additional 258,098 shares during the period. Ausbil Investment Management Ltd raised its holdings in shares of Fortrea by 587.2% during the fourth quarter. Ausbil Investment Management Ltd now owns 224,713 shares of the company’s stock valued at $3,876,000 after acquiring an additional 192,015 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Fortrea by 3.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after acquiring an additional 293,992 shares during the period. Finally, WINTON GROUP Ltd lifted its stake in Fortrea by 2,830.1% in the third quarter. WINTON GROUP Ltd now owns 304,674 shares of the company’s stock worth $2,565,000 after acquiring an additional 294,276 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Mizuho boosted their price objective on shares of Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Citigroup boosted their price target on shares of Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price objective on shares of Fortrea in a report on Thursday, May 7th. Barclays upped their target price on Fortrea from $11.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research note on Tuesday, April 21st. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $17.25.

Fortrea Stock Performance

Shares of FTRE opened at $15.32 on Thursday. 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 stock has a market cap of $1.45 billion, a P/E ratio of -3.12, a P/E/G ratio of 0.49 and a beta of 2.12. The business’s 50 day moving average price is $13.26 and its 200-day moving average price is $13.44. Fortrea Holdings Inc. has a 52 week low of $4.36 and a 52 week high of $18.67.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%.The business had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.51 million. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.

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.