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) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 293,924 shares of the company’s stock, valued at approximately $5,070,000. Concentric Capital Strategies LP owned approximately 0.32% of Fortrea at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FTRE. Balyasny Asset Management L.P. raised its holdings in Fortrea by 314.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 481,126 shares of the company’s stock valued at $8,299,000 after acquiring an additional 365,161 shares during the period. Abel Hall LLC bought a new position in shares of Fortrea in the fourth quarter worth $181,000. Cetera Investment Advisers grew its position in shares of Fortrea by 10.4% in the fourth quarter. Cetera Investment Advisers now owns 22,098 shares of the company’s stock valued at $381,000 after purchasing an additional 2,079 shares in the last quarter. Trexquant Investment LP grew its position in shares of Fortrea by 22.6% in the fourth quarter. Trexquant Investment LP now owns 309,384 shares of the company’s stock valued at $5,337,000 after purchasing an additional 57,120 shares in the last quarter. Finally, Iron Triangle Partners LP bought a new stake in shares of Fortrea during the 4th quarter valued at $34,264,000.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. TD Cowen restated a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Citigroup increased their price target on shares of Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Barclays raised their price objective 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. Mizuho upped their target price on shares of Fortrea from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. Finally, Robert W. Baird set a $20.00 target price on shares of Fortrea in a research note on Wednesday, May 6th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.25.

Fortrea Trading Down 4.1%

Shares of Fortrea stock opened at $15.32 on Thursday. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. Fortrea Holdings Inc. has a 1 year low of $4.36 and a 1 year high of $18.67. The firm has a market cap of $1.45 billion, a PE ratio of -3.12, a PEG ratio of 0.49 and a beta of 2.12. The company has a 50 day simple moving average of $13.26 and a two-hundred day simple moving average of $13.44.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $636.50 million during the quarter, compared to analyst estimates of $628.51 million. Analysts expect that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.

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.