Fortrea Holdings Inc. $FTRE Position Cut by Squarepoint Ops LLC

Squarepoint Ops LLC lowered its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 82.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 105,570 shares of the company’s stock after selling 500,587 shares during the period. Squarepoint Ops LLC’s holdings in Fortrea were worth $522,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of FTRE. Allworth Financial LP boosted its stake in Fortrea by 6,802.4% during the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after purchasing an additional 5,578 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after buying an additional 5,036 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Fortrea during the second quarter worth approximately $46,000. Journey Strategic Wealth LLC bought a new position in Fortrea in the 2nd quarter worth approximately $50,000. Finally, waypoint wealth counsel bought a new position in Fortrea in the 2nd quarter worth approximately $53,000.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $17.70 on Thursday. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $20.26. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81. The firm has a 50-day moving average of $12.54 and a two-hundred day moving average of $9.27. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -1.57, a PEG ratio of 0.80 and a beta of 1.76.

Fortrea (NASDAQ:FTRE) last released its earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%.The business had revenue of $701.30 million during the quarter, compared to the consensus estimate of $643.43 million. As a group, analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wedbush set a $21.00 target price on Fortrea in a research note on Thursday, December 11th. Robert W. Baird upped their price objective on shares of Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Jefferies Financial Group raised their target price on shares of Fortrea from $7.00 to $9.50 and gave the company a “hold” rating in a research note on Tuesday, September 9th. Barclays set a $15.00 price target on shares of Fortrea and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Finally, Mizuho increased their price objective on shares of Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.28.

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.