Counterpoint Mutual Funds LLC Invests $291,000 in Fortrea Holdings Inc. $FTRE

Counterpoint Mutual Funds LLC bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the first quarter, HoldingsChannel reports. The fund bought 30,860 shares of the company’s stock, valued at approximately $291,000.

Several other hedge funds have also modified their holdings of the stock. AQR Capital Management LLC lifted its position in Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after acquiring an additional 5,419,842 shares in the last quarter. Park West Asset Management LLC acquired a new stake in Fortrea in the third quarter valued at approximately $18,579,000. Iron Triangle Partners LP purchased a new stake in shares of Fortrea during the fourth quarter valued at approximately $34,264,000. MetLife Investment Management LLC raised its stake in shares of Fortrea by 2,328.5% during the fourth quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock valued at $23,609,000 after purchasing an additional 1,312,297 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Fortrea by 78.1% during the third quarter. Bank of America Corp DE now owns 1,525,023 shares of the company’s stock worth $12,841,000 after purchasing an additional 668,691 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FTRE shares. TD Cowen restated a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Truist Financial set a $19.00 price target on shares of Fortrea in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a report on Tuesday, April 21st. Barclays upped their price objective on shares of Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 24th. Finally, Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a research note on Sunday. Five equities research 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.45.

Fortrea Stock Performance

Fortrea stock opened at $17.28 on Monday. The stock has a market cap of $1.63 billion, a P/E ratio of -3.52, a price-to-earnings-growth ratio of 0.53 and a beta of 2.03. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock has a 50 day moving average of $14.93 and a 200-day moving average of $13.64. Fortrea Holdings Inc. has a 52 week low of $4.36 and a 52 week high of $18.67.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The business had revenue of $636.50 million during the quarter, compared to the consensus estimate of $628.50 million. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. On average, 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.