Renaissance Technologies LLC Purchases 643,000 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Renaissance Technologies increased its Fortrea stake by 81.4% in the first quarter, purchasing 643,000 additional shares and bringing its holdings to 1.43 million shares worth approximately $13.5 million.
• Fortrea reported quarterly earnings of $0.23 per share and revenue of $678.2 million, exceeding analyst estimates of $0.18 per share and $647.6 million, respectively.
• Analyst sentiment is generally positive, with an average “Moderate Buy” rating and a $19.95 price target. Truist Financial raised its target to $26, while shares recently opened at $19.17.

Renaissance Technologies LLC increased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 81.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,432,709 shares of the company's stock after purchasing an additional 643,000 shares during the quarter. Renaissance Technologies LLC owned approximately 1.51% of Fortrea worth $13,496,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTRE. AQR Capital Management LLC grew its stake in Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company's stock worth $31,729,000 after buying an additional 5,419,842 shares during the last quarter. Park West Asset Management LLC bought a new stake in Fortrea during the 3rd quarter worth approximately $18,579,000. Iron Triangle Partners LP acquired a new stake in Fortrea during the 4th quarter valued at $34,264,000. MetLife Investment Management LLC increased its holdings in Fortrea by 2,328.5% during the 4th 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 in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Fortrea by 163.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company's stock valued at $12,241,000 after purchasing an additional 807,081 shares during the last quarter.

Fortrea Stock Up 0.5%

Shares of FTRE opened at $19.17 on Friday. The business's fifty day moving average price is $17.05 and its two-hundred day moving average price is $13.84. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -21.07, a PEG ratio of 0.46 and a beta of 2.03. Fortrea Holdings Inc. has a 52 week low of $5.26 and a 52 week high of $21.39. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 0.96.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.05. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%.The company had revenue of $678.20 million during the quarter, compared to the consensus estimate of $647.57 million. On average, analysts predict that Fortrea Holdings Inc. will post 0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTRE has been the topic of several research analyst reports. Zacks Research upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Fortrea in a report on Friday, July 17th. Truist Financial upped their price target on shares of Fortrea from $19.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday. TD Cowen reissued a "buy" rating on shares of Fortrea in a report on Wednesday, May 6th. Finally, Citigroup raised their price objective on shares of Fortrea from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.95.

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.

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