Renaissance Technologies LLC Acquires 643,000 Shares of Fortrea Holdings Inc. $FTRE

Renaissance Technologies LLC boosted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 81.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,432,709 shares of the company’s stock after buying an additional 643,000 shares during the period. Renaissance Technologies LLC’s holdings in Fortrea were worth $13,496,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Larson Financial Group LLC grew its holdings in Fortrea by 136.7% during the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock worth $32,000 after acquiring an additional 1,072 shares during the period. Osaic Holdings Inc. lifted its stake in shares of Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Fortrea by 137.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after purchasing an additional 5,036 shares during the period. Toronto Dominion Bank bought a new position in shares of Fortrea in the 4th quarter worth $51,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Fortrea by 662.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company’s stock worth $59,000 after purchasing an additional 10,395 shares during the last quarter.

Fortrea Stock Performance

FTRE stock opened at $19.17 on Friday. The business’s 50-day moving average price is $17.05 and its two-hundred day moving average price is $13.84. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a market cap of $1.82 billion, a PE ratio of -21.07, a P/E/G ratio of 0.46 and a beta of 2.03. Fortrea Holdings Inc. has a 1-year low of $5.26 and a 1-year high of $21.39.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. The firm had revenue of $678.20 million during the quarter, compared to analysts’ expectations of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Evercore reaffirmed an “outperform” rating on shares of Fortrea in a research note on Wednesday. Barclays raised their target price on Fortrea from $18.00 to $22.00 and gave the stock an “equal weight” rating in a report on Thursday. Truist Financial boosted their target price on Fortrea from $19.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday. TD Cowen reaffirmed a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $20.00 price target on shares of Fortrea in a research report on Thursday. 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.95.

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.