Capital Fund Management S.A. Raises Stock Holdings in Fortrea Holdings Inc. $FTRE

Capital Fund Management S.A. increased its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 189.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 451,074 shares of the company’s stock after acquiring an additional 295,421 shares during the period. Capital Fund Management S.A.’s holdings in Fortrea were worth $2,228,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Allworth Financial LP increased its stake in Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after purchasing an additional 5,578 shares during the period. Brooklyn Investment Group grew its holdings in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after purchasing an additional 3,831 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Fortrea in the 1st quarter worth about $39,000. Ameritas Investment Partners Inc. purchased a new position in Fortrea in the 2nd quarter worth about $46,000. Finally, Journey Strategic Wealth LLC bought a new stake in Fortrea during the 2nd quarter valued at about $50,000.

Fortrea Stock Up 14.4%

Fortrea stock opened at $14.58 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. The firm has a market cap of $1.35 billion, a P/E ratio of -1.30, a P/E/G ratio of 0.60 and a beta of 1.76. The business has a fifty day moving average of $10.57 and a two-hundred day moving average of $8.06. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $25.05.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). The company had revenue of $701.30 million during the quarter, compared to the consensus estimate of $643.43 million. Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%. On average, analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortrea news, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. This represents a 5.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 5,425 shares of company stock valued at $55,498 in the last ninety days. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTRE. Citigroup restated a “neutral” rating on shares of Fortrea in a research note on Tuesday, October 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research note on Wednesday, October 8th. Jefferies Financial Group raised their price objective on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. Barclays upped their target price on Fortrea from $8.00 to $10.00 and gave the stock an “underweight” rating in a report on Thursday, November 6th. Finally, Evercore ISI set a $14.00 price target on Fortrea in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Fortrea has an average rating of “Hold” and an average target price of $11.69.

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.