Arrowpoint Investment Partners Singapore Pte. Ltd. Buys Shares of 34,253 Fortrea Holdings Inc. $FTRE

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the 4th quarter, Holdings Channel.com reports. The fund bought 34,253 shares of the company’s stock, valued at approximately $591,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTRE. Larson Financial Group LLC grew its stake in Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after purchasing an additional 1,072 shares during the last quarter. Osaic Holdings Inc. grew its stake in Fortrea by 74.3% in the second 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. Tower Research Capital LLC TRC grew its stake in Fortrea by 137.0% in the second 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 last quarter. Allworth Financial LP grew its stake in Fortrea by 19.6% in the third 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. Finally, EverSource Wealth Advisors LLC grew its stake in Fortrea by 662.9% in the second quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company’s stock valued at $59,000 after purchasing an additional 10,395 shares during the last quarter.

Analysts Set New Price Targets

FTRE has been the topic of several analyst reports. TD Cowen reiterated a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Barclays raised their price target on Fortrea from $11.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Citigroup raised their price target on Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a report on Tuesday, April 21st. Finally, Truist Financial set a $19.00 price target on Fortrea in a report on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.25.

Insider Buying and Selling

In related news, CFO Jill G. Mcconnell sold 5,061 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total value of $45,903.27. Following the sale, the chief financial officer owned 69,796 shares in the company, valued at $633,049.72. This represents a 6.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 8,792 shares of company stock valued at $80,014 in the last 90 days. 0.73% of the stock is owned by corporate insiders.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $17.24 on Friday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $1.63 billion, a PE ratio of -3.51, a P/E/G ratio of 0.48 and a beta of 2.12. The business has a 50-day simple moving average of $12.00 and a two-hundred day simple moving average of $13.11. Fortrea Holdings Inc. has a fifty-two week low of $4.36 and a fifty-two 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, topping the consensus estimate of $0.03 by $0.13. The firm had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.51 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. As a group, equities analysts expect that Fortrea Holdings Inc. will post 0.8 EPS 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.