Fortrea Holdings Inc. $FTRE Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 49.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,470 shares of the company’s stock after selling 290,848 shares during the period. Citigroup Inc. owned approximately 0.32% of Fortrea worth $2,479,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allworth Financial LP boosted its stake in Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after acquiring an additional 5,578 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Fortrea by 214.3% during the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $28,000 after purchasing an additional 2,278 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after purchasing an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after purchasing an additional 5,036 shares in the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of Fortrea in the 2nd quarter valued at about $46,000.

Fortrea Price Performance

Shares of FTRE opened at $9.61 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.86. The stock’s 50 day moving average is $14.39 and its two-hundred day moving average is $12.42. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $18.67. The firm has a market capitalization of $898.54 million, a PE ratio of -0.88, a P/E/G ratio of 0.34 and a beta of 1.80.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Thursday, February 26th. The company reported $0.09 earnings per share (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 business had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.22 million. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

FTRE has been the subject of a number of research analyst reports. Robert W. Baird decreased their target price on Fortrea from $19.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Wedbush set a $21.00 price target on Fortrea in a research report on Thursday, December 11th. Evercore set a $25.00 price objective on Fortrea and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Citigroup raised Fortrea from a “neutral” rating to a “buy” rating and increased their price objective for the company from $12.00 to $21.00 in a report on Thursday, December 11th. Finally, Truist Financial set a $22.00 target price on shares of Fortrea and gave the company a “buy” rating in a report on Thursday, January 8th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average 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.