HBK Investments L P Makes New $1.45 Million Investment in Fortrea Holdings Inc. $FTRE

Key Points

• HBK Investments L P acquired 191,992 shares of Fortrea Holdings Inc. for approximately $1.45 million, representing about 0.21% ownership of the company.
• Fortrea Holdings reported an EPS of $0.19, exceeding analysts' expectations, and achieved revenues of $710.30 million for the quarter.
• Insider activity included a significant purchase of 32,500 shares by Director Peter M. Neupert, and CFO Jill G. Mcconnell sold 4,886 shares, indicating mixed sentiments among executives.

HBK Investments L P acquired a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 191,992 shares of the company's stock, valued at approximately $1,450,000. HBK Investments L P owned approximately 0.21% of Fortrea as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTRE. Raymond James Financial Inc. bought a new stake in Fortrea during the 4th quarter worth $1,082,000. Mariner LLC bought a new stake in shares of Fortrea in the fourth quarter worth $200,000. Marshall Wace LLP bought a new stake in shares of Fortrea in the fourth quarter worth $224,000. Tower Research Capital LLC TRC grew its stake in shares of Fortrea by 140.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock worth $198,000 after purchasing an additional 6,205 shares during the last quarter. Finally, Stifel Financial Corp grew its stake in shares of Fortrea by 39.8% in the fourth quarter. Stifel Financial Corp now owns 22,520 shares of the company's stock worth $420,000 after purchasing an additional 6,413 shares during the last quarter.

Fortrea Stock Up 10.7%

Shares of FTRE stock traded up $1.12 on Friday, reaching $11.63. 2,119,135 shares of the company were exchanged, compared to its average volume of 1,855,416. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -1.02 and a beta of 1.91. The company has a 50-day moving average of $6.90 and a 200-day moving average of $7.03. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $710.30 million for the quarter, compared to analysts' expectations of $631.61 million. Analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FTRE. The Goldman Sachs Group reduced their price objective on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 14th. Robert W. Baird upped their price target on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a research report on Wednesday. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Finally, Mizuho cut their price target on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $12.78.

Insider Buying and Selling

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, CFO Jill G. Mcconnell sold 4,886 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the sale, the chief financial officer owned 54,770 shares in the company, valued at $438,707.70. This represents a 8.19% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired 72,354 shares of company stock worth $507,168 in the last quarter. Insiders own 0.38% of the company's stock.

Fortrea 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.