Jefferies Financial Group Inc. Acquires Shares of 78,894 Fortrea Holdings Inc. (NASDAQ:FTRE)

Jefferies Financial Group Inc. bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 78,894 shares of the company's stock, valued at approximately $596,000. Jefferies Financial Group Inc. owned about 0.09% of Fortrea as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its position in Fortrea by 67.7% in the fourth quarter. FMR LLC now owns 8,086,806 shares of the company's stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the period. Corvex Management LP grew its stake in shares of Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock valued at $64,919,000 after buying an additional 1,260,156 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Fortrea in the 1st quarter valued at $9,232,000. Northern Trust Corp lifted its stake in Fortrea by 28.2% during the 4th quarter. Northern Trust Corp now owns 697,275 shares of the company's stock worth $13,004,000 after acquiring an additional 153,184 shares in the last quarter. Finally, Kennedy Capital Management LLC boosted its holdings in Fortrea by 43.6% during the 4th quarter. Kennedy Capital Management LLC now owns 568,897 shares of the company's stock valued at $10,610,000 after acquiring an additional 172,856 shares during the period.

Fortrea Stock Down 9.1%

NASDAQ FTRE traded down $0.66 during trading on Friday, reaching $6.58. 1,576,440 shares of the company's stock were exchanged, compared to its average volume of 1,947,601. The company has a 50 day moving average price of $5.50 and a two-hundred day moving average price of $7.96. The stock has a market cap of $597.46 million, a P/E ratio of -0.58, a price-to-earnings-growth ratio of 0.40 and a beta of 1.81. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.74. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.97 and a current ratio of 1.02.

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on FTRE shares. Baird R W upgraded shares of Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. Mizuho cut their target price on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Robert W. Baird upgraded shares of Fortrea from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $7.00 to $9.00 in a report on Monday, August 4th. Evercore ISI boosted their price target on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research note on Friday. Finally, Citigroup reiterated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortrea currently has an average rating of "Hold" and an average target price of $14.00.

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.