Assetmark Inc. Cuts Stake in Fortrea Holdings Inc. $FTRE

Assetmark Inc. trimmed its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 65.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,019 shares of the company’s stock after selling 66,980 shares during the quarter. Assetmark Inc.’s holdings in Fortrea were worth $621,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Eagle Health Investments LP purchased a new stake in Fortrea during the third quarter valued at about $8,325,000. Allianz Asset Management GmbH raised its holdings in shares of Fortrea by 20.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 305,008 shares of the company’s stock worth $2,568,000 after purchasing an additional 50,902 shares during the period. Ausbil Investment Management Ltd grew its stake in Fortrea by 587.2% during the fourth quarter. Ausbil Investment Management Ltd now owns 224,713 shares of the company’s stock worth $3,876,000 after buying an additional 192,015 shares during the period. Boothbay Fund Management LLC purchased a new position in shares of Fortrea in the 3rd quarter valued at $4,557,000. Finally, WINTON GROUP Ltd increased its holdings in Fortrea by 2,830.1% in the 3rd quarter. WINTON GROUP Ltd now owns 304,674 shares of the company’s stock valued at $2,565,000 after purchasing an additional 294,276 shares in the last quarter.

Analysts Set New Price Targets

FTRE has been the topic of a number of recent research reports. TD Cowen upgraded Fortrea from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Monday, March 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research report on Thursday, January 22nd. Evercore set a $25.00 target price on Fortrea and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Robert W. Baird cut their price target 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, Truist Financial set a $22.00 price objective on shares of Fortrea and gave the company a “buy” rating in a research note on Thursday, January 8th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.05.

Insider Buying and Selling

In related news, CFO Jill G. Mcconnell sold 5,061 shares of the business’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 transaction of $45,903.27. Following the sale, the chief financial officer owned 69,796 shares of the company’s stock, valued at $633,049.72. The trade was 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 at the SEC website. Insiders sold a total of 9,673 shares of company stock worth $92,242 over the last quarter. 0.38% of the stock is owned by insiders.

Fortrea Trading Up 1.7%

Fortrea stock opened at $10.50 on Thursday. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $18.67. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.86. The firm has a market capitalization of $981.75 million, a price-to-earnings ratio of -0.96, a PEG ratio of 0.38 and a beta of 1.80. The firm has a 50-day moving average price of $9.84 and a two-hundred day moving average price of $12.42.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results 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). The business had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.22 million. Fortrea had a negative net margin of 36.21% and a positive return on equity of 6.23%. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.61 earnings per share for the current 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.