Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC trimmed its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 5.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,755 shares of the company’s stock after selling 2,930 shares during the period. Gabelli Funds LLC owned approximately 0.06% of Fortrea worth $2,238,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Keeley Teton Advisors LLC lifted its stake in shares of Fortrea by 2.7% during the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock worth $572,000 after buying an additional 370 shares during the period. Baupost Group LLC MA acquired a new stake in shares of Fortrea during the first quarter worth $12,194,000. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Fortrea during the first quarter worth $207,000. UniSuper Management Pty Ltd acquired a new stake in shares of Fortrea during the first quarter worth $707,000. Finally, O Shaughnessy Asset Management LLC acquired a new stake in shares of Fortrea during the first quarter worth $496,000.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Mizuho assumed coverage on shares of Fortrea in a report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. TD Cowen assumed coverage on shares of Fortrea in a report on Wednesday, May 29th. They set a “hold” rating and a $27.00 target price for the company. Bank of America reduced their target price on shares of Fortrea from $27.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, July 18th. The Goldman Sachs Group started coverage on shares of Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $31.70.

Fortrea Price Performance

Shares of FTRE traded up $0.70 during mid-day trading on Friday, hitting $26.92. 976,435 shares of the company were exchanged, compared to its average volume of 1,311,501. Fortrea Holdings Inc. has a 1-year low of $22.15 and a 1-year high of $41.02. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The company has a 50 day moving average of $24.94 and a 200-day moving average of $31.68. The stock has a market cap of $2.41 billion and a price-to-earnings ratio of -19.37.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.04) earnings per share 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 analyst estimates of $754.58 million. The business’s revenue was down 4.6% on a year-over-year basis. Analysts expect that Fortrea Holdings Inc. will post 0.72 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.