Assenagon Asset Management S.A. Reduces Holdings in Fortrea Holdings Inc. $FTRE

Assenagon Asset Management S.A. reduced its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 57.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,779 shares of the company’s stock after selling 157,445 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Fortrea were worth $1,997,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its stake in Fortrea by 214.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after acquiring an additional 2,278 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Fortrea by 88.2% during the third quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock worth $51,000 after purchasing an additional 2,832 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after purchasing an additional 1,109 shares during the last quarter. Osaic Holdings Inc. lifted its holdings 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 last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Fortrea by 37.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,386 shares of the company’s stock valued at $71,000 after purchasing an additional 2,303 shares during the period.

Fortrea Stock Performance

Shares of FTRE stock opened at $8.87 on Tuesday. The stock has a market capitalization of $829.35 million, a PE ratio of -0.81, a price-to-earnings-growth ratio of 0.33 and a beta of 1.81. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $18.67. The stock’s 50-day moving average price is $11.92 and its 200 day moving average price is $12.42. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.86.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%.The company had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.22 million. As a group, equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research note on Thursday, January 22nd. Citigroup upgraded Fortrea from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $12.00 to $21.00 in a research note on Thursday, December 11th. Barclays lowered their target price on shares of Fortrea from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Friday, February 27th. Robert W. Baird cut their target price on shares of Fortrea from $19.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. Finally, TD Cowen upgraded shares of Fortrea from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Monday, March 9th. 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. Based on data from MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $16.15.

Insider Activity at Fortrea

In related news, CFO Jill G. Mcconnell sold 5,061 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total transaction of $45,903.27. Following the completion of the sale, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at $633,049.72. This trade represents a 6.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 9,673 shares of company stock worth $92,242 in the last three months. 0.38% of the stock is owned by corporate insiders.

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.