Algert Global LLC Has $2.46 Million Stock Holdings in Fortrea Holdings Inc. $FTRE

Key Points

• Algert Global LLC significantly increased its holdings in Fortrea Holdings Inc. by 444.6% during the first quarter, owning 325,916 shares worth approximately $2.46 million.
• Several other institutional investors also added to their stakes in Fortrea, with notable increases including a 1,218.7% growth by Quarry LP and a 736.6% increase by GAMMA Investing LLC.
• Analysts have varied opinions on Fortrea, with ratings ranging from "Strong Buy" to "Underweight," and a recent average target price set at $12.22.

Algert Global LLC lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 444.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 325,916 shares of the company's stock after buying an additional 266,066 shares during the quarter. Algert Global LLC owned approximately 0.36% of Fortrea worth $2,461,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Corvex Management LP increased its stake in Fortrea by 56.7% during the 4th 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 during the period. Assenagon Asset Management S.A. acquired a new position in Fortrea during the 1st quarter valued at about $9,232,000. Deutsche Bank AG increased its stake in Fortrea by 17,183.6% during the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock valued at $8,796,000 after buying an additional 1,158,345 shares during the period. Point72 Asset Management L.P. acquired a new position in Fortrea during the 4th quarter valued at about $7,787,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Fortrea by 55.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 952,021 shares of the company's stock worth $7,188,000 after purchasing an additional 339,124 shares during the last quarter.

Insiders Place Their Bets

In related news, Director Peter M. Neupert bought 32,500 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average price of $6.26 per share, with a total value of $203,450.00. Following the completion of the transaction, the director owned 98,132 shares of the company's stock, valued at $614,306.32. The trade was a 49.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jill G. Mcconnell sold 4,886 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total transaction of $39,136.86. Following the transaction, the chief financial officer directly owned 54,770 shares in the company, valued at $438,707.70. This trade represents a 8.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,207 shares of company stock valued at $61,325 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

Fortrea Stock Up 5.8%

Shares of FTRE stock traded up $0.48 during trading on Monday, hitting $8.82. 1,018,608 shares of the company were exchanged, compared to its average volume of 2,317,388. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $800.86 million, a price-to-earnings ratio of -0.77 and a beta of 1.81. The business's 50-day simple moving average is $5.98 and its 200 day simple moving average is $7.27. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $25.28.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. The Goldman Sachs Group lowered 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. Finally, Cowen reaffirmed a "hold" rating on shares of Fortrea in a research note on Wednesday, May 14th. One investment 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 company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $12.22.

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.