Eagle Health Investments LP Acquires 89,000 Shares of Fortrea Holdings Inc. $FTRE

Eagle Health Investments LP increased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 7.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,307,560 shares of the company’s stock after buying an additional 89,000 shares during the period. Fortrea makes up 2.2% of Eagle Health Investments LP’s holdings, making the stock its 16th biggest holding. Eagle Health Investments LP’s holdings in Fortrea were worth $12,317,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its position in Fortrea by 136.7% in the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after acquiring an additional 1,072 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Fortrea by 137.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after purchasing an additional 5,036 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of Fortrea in the fourth quarter valued at approximately $51,000. Finally, Allworth Financial LP raised its position in Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock worth $57,000 after purchasing an additional 1,109 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have issued reports on FTRE. Citigroup upped their price objective on Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 target price on shares of Fortrea in a research report on Thursday, May 7th. Wall Street Zen lowered Fortrea from a “buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a report on Friday, July 17th. Finally, Truist Financial set a $19.00 price objective on Fortrea in a research report on Wednesday, May 6th. One research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.75.

Fortrea Trading Down 1.6%

Shares of NASDAQ FTRE opened at $19.20 on Tuesday. Fortrea Holdings Inc. has a fifty-two week low of $5.26 and a fifty-two week high of $20.19. The firm has a market capitalization of $1.82 billion, a P/E ratio of -3.91, a P/E/G ratio of 0.59 and a beta of 2.03. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50 day simple moving average is $16.54 and its 200 day simple moving average is $13.74.

Fortrea (NASDAQ:FTRE) last released its earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The firm had revenue of $636.50 million during the quarter, compared to analyst estimates 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 predict that Fortrea Holdings Inc. will post 0.8 EPS 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.