Hsbc Holdings PLC Sells 38,199 Shares of Fortrea Holdings Inc. $FTRE

Hsbc Holdings PLC lowered its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 56.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,036 shares of the company’s stock after selling 38,199 shares during the quarter. Hsbc Holdings PLC’s holdings in Fortrea were worth $505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after acquiring an additional 5,419,842 shares during the last quarter. Park West Asset Management LLC bought a new position in shares of Fortrea during the third quarter valued at $18,579,000. Iron Triangle Partners LP acquired a new position in shares of Fortrea during the fourth quarter worth $34,264,000. MetLife Investment Management LLC lifted its holdings in shares of Fortrea by 2,328.5% during the fourth quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock worth $23,609,000 after purchasing an additional 1,312,297 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Fortrea by 78.1% in the third quarter. Bank of America Corp DE now owns 1,525,023 shares of the company’s stock worth $12,841,000 after purchasing an additional 668,691 shares during the last quarter.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Zacks Research upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Mizuho raised their price objective on Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday. Barclays upped their target price on Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, June 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Tuesday, April 21st. Finally, TD Cowen reaffirmed a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.75.

Fortrea Stock Performance

NASDAQ:FTRE opened at $17.92 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. Fortrea Holdings Inc. has a twelve month low of $4.45 and a twelve month high of $18.67. The company has a fifty day moving average of $15.95 and a 200-day moving average of $13.67. The firm has a market capitalization of $1.70 billion, a P/E ratio of -3.65, a P/E/G ratio of 0.54 and a beta of 2.03.

Fortrea (NASDAQ:FTRE) last posted its quarterly 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. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. The business had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.50 million. As a group, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.8 EPS for the current year.

Fortrea Company 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.