Boothbay Fund Management LLC Takes $4.56 Million Position in Fortrea Holdings Inc. $FTRE

Boothbay Fund Management LLC acquired a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 541,208 shares of the company’s stock, valued at approximately $4,557,000. Boothbay Fund Management LLC owned 0.59% of Fortrea at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTRE. Brandes Investment Partners LP grew its position in shares of Fortrea by 72.8% in the second quarter. Brandes Investment Partners LP now owns 224,272 shares of the company’s stock valued at $1,108,000 after purchasing an additional 94,448 shares in the last quarter. Eagle Health Investments LP purchased a new position in Fortrea during the 3rd quarter valued at about $8,325,000. ProShare Advisors LLC bought a new stake in shares of Fortrea during the second quarter valued at about $117,000. Bank of Nova Scotia purchased a new stake in shares of Fortrea in the second quarter worth about $5,087,000. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Fortrea by 20.0% in the third quarter. Allianz Asset Management GmbH now owns 305,008 shares of the company’s stock worth $2,568,000 after buying an additional 50,902 shares in the last quarter.

Insider Buying and Selling

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 value of $45,903.27. Following the transaction, the chief financial officer owned 69,796 shares of the company’s stock, valued at $633,049.72. This represents a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 7,869 shares of company stock valued at $75,609 over the last quarter. 0.38% of the stock is owned by corporate insiders.

Fortrea Trading Down 1.2%

Shares of Fortrea stock opened at $8.93 on Monday. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $18.67. The firm has a market cap of $834.96 million, a PE ratio of -0.82, a PEG ratio of 0.32 and a beta of 1.81. The company has a 50 day simple moving average of $13.59 and a two-hundred day simple moving average of $12.48.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.09 EPS 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 during the quarter, compared to the consensus estimate of $665.22 million. Analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTRE has been the subject of several recent analyst reports. Citigroup raised shares of 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. Wedbush set a $21.00 target price on shares of Fortrea in a research note on Thursday, December 11th. Robert W. Baird reduced their price target on shares of Fortrea from $19.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a report on Thursday, January 22nd. Finally, Mizuho set a $15.00 price objective on Fortrea in a research report on Friday, January 9th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and an average price target of $16.15.

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.