111 Capital Buys 28,200 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• 111 Capital increased its stake in Fortrea Holdings Inc. by 120.6% during the second quarter, now owning 51,590 shares valued at approximately $255,000.
• Fortrea reported $0.19 earnings per share (EPS) for the quarter, surpassing the expected EPS of $0.06, with revenue of $710.30 million.
• Analysts have mixed ratings on Fortrea, with a consensus rating of "Hold" and average price target of $11.72.

111 Capital increased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 120.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,590 shares of the company's stock after acquiring an additional 28,200 shares during the quarter. 111 Capital owned about 0.06% of Fortrea worth $255,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC bought a new position in Fortrea during the 2nd quarter worth approximately $70,000. State of Alaska Department of Revenue increased its position in shares of Fortrea by 8.5% during the second quarter. State of Alaska Department of Revenue now owns 53,909 shares of the company's stock worth $266,000 after buying an additional 4,207 shares during the period. U.S. Capital Wealth Advisors LLC bought a new position in Fortrea during the second quarter worth $57,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Fortrea by 395.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 78,355 shares of the company's stock valued at $409,000 after buying an additional 62,554 shares during the period. Finally, Sivia Capital Partners LLC bought a new stake in Fortrea during the second quarter valued at $79,000.

Fortrea Trading Up 1.5%

NASDAQ FTRE opened at $9.59 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $25.28. The business has a 50 day moving average price of $8.73 and a 200-day moving average price of $6.67. The company has a market cap of $870.77 million, a price-to-earnings ratio of -0.84 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.13. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The business had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. As a group, equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Fortrea

In other Fortrea news, Director Erin L. Russell bought 9,854 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were bought at an average price of $10.15 per share, for a total transaction of $100,018.10. Following the acquisition, the director directly owned 9,854 shares of the company's stock, valued at approximately $100,018.10. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of the business's stock in a transaction on Monday, August 11th. The shares were bought at an average price of $6.26 per share, with a total value of $203,450.00. Following the purchase, the director directly owned 98,132 shares in the company, valued at approximately $614,306.32. The trade was a 49.52% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FTRE shares. Barclays boosted their price objective on Fortrea from $6.00 to $8.00 and gave the company an "underweight" rating in a research note on Thursday. Mizuho dropped their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Jefferies Financial Group increased their price target on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a report on Tuesday, September 9th. Robert W. Baird lifted their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. Finally, Evercore ISI boosted their target price on shares of Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $11.72.

About Fortrea

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.

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