11,000 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Acquired by Summit Securities Group LLC

Summit Securities Group LLC bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,000 shares of the company’s stock, valued at approximately $205,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in Fortrea by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock valued at $11,809,000 after buying an additional 29,285 shares during the period. FMR LLC raised its stake in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after acquiring an additional 2,304,677 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Fortrea by 192.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock worth $9,458,000 after acquiring an additional 311,018 shares during the last quarter. Financial Counselors Inc. boosted its position in shares of Fortrea by 1.4% during the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after purchasing an additional 1,395 shares during the period. Finally, Capstone Investment Advisors LLC increased its holdings in Fortrea by 120.7% in the 3rd quarter. Capstone Investment Advisors LLC now owns 23,534 shares of the company’s stock valued at $471,000 after purchasing an additional 12,871 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have recently commented on FTRE. The Goldman Sachs Group lowered their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Evercore ISI cut their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat, Fortrea has a consensus rating of “Hold” and an average target price of $19.00.

Insiders Place Their Bets

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is owned by corporate insiders.

Fortrea Price Performance

Fortrea stock opened at $8.03 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a fifty day simple moving average of $13.39 and a 200-day simple moving average of $17.47. The stock has a market cap of $724.31 million, a P/E ratio of -2.35, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea Holdings Inc. has a 12-month low of $8.00 and a 12-month high of $40.63.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the prior year, the company posted $0.19 earnings per share. Equities analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Fortrea Company Profile

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.