Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Acquired by Covestor Ltd

Covestor Ltd grew its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 420.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,083 shares of the company’s stock after purchasing an additional 1,683 shares during the period. Covestor Ltd’s holdings in Fortrea were worth $84,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nordea Investment Management AB purchased a new stake in Fortrea during the fourth quarter valued at about $747,000. Raymond James Trust N.A. purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $363,000. Whittier Trust Co. acquired a new position in Fortrea in the 4th quarter worth approximately $25,000. SG Americas Securities LLC purchased a new position in Fortrea during the 4th quarter worth approximately $426,000. Finally, Raymond James & Associates purchased a new position in Fortrea during the 4th quarter worth approximately $4,751,000.

Insider Activity at Fortrea

In other Fortrea news, CEO Thomas Pike purchased 10,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were bought at an average cost of $24.81 per share, with a total value of $248,100.00. Following the transaction, the chief executive officer now directly owns 57,827 shares in the company, valued at approximately $1,434,687.87. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, General Counsel James S. Hanson bought 2,000 shares of Fortrea stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the purchase, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Pike purchased 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were acquired at an average price of $24.81 per share, with a total value of $248,100.00. Following the purchase, the chief executive officer now owns 57,827 shares of the company’s stock, valued at $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is owned by corporate insiders.

Fortrea Stock Up 1.3 %

NASDAQ FTRE traded up $0.34 during trading on Wednesday, reaching $26.15. The company’s stock had a trading volume of 324,897 shares, compared to its average volume of 1,139,157. The stock has a market capitalization of $2.34 billion and a PE ratio of -18.75. Fortrea Holdings Inc. has a 1-year low of $22.15 and a 1-year high of $41.02. The business has a 50-day moving average price of $25.05 and a 200-day moving average price of $31.81. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The company had revenue of $662.10 million for the quarter, compared to the consensus estimate of $754.58 million. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FTRE shares. Robert W. Baird raised Fortrea from a “neutral” rating to an “outperform” rating and decreased their target price for the stock from $45.00 to $36.00 in a research report on Tuesday, May 14th. Bank of America decreased their price objective on Fortrea from $27.00 to $26.00 and set an “underperform” rating for the company in a research report on Thursday, July 18th. Evercore ISI dropped their target price on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a report on Tuesday, May 14th. The Goldman Sachs Group initiated coverage on shares of Fortrea in a research report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $31.70.

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.