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

A number of other institutional investors also recently modified their holdings of FTRE. Corvex Management LP lifted its position in shares of 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 acquiring an additional 1,260,156 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Fortrea in the 1st quarter worth $9,232,000. Deutsche Bank AG grew its stake in shares of Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock worth $8,796,000 after acquiring an additional 1,158,345 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Fortrea in the 4th quarter worth $7,787,000. Finally, Charles Schwab Investment Management Inc. grew its position in Fortrea by 55.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 952,021 shares of the company's stock valued at $7,188,000 after buying an additional 339,124 shares during the period.

Insider Activity

In other news, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value of $39,136.86. Following the completion of the transaction, the chief financial officer owned 54,770 shares of the company's stock, valued at $438,707.70. The trade was a 8.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of the stock in a transaction dated Monday, August 11th. The stock was bought at an average cost of $6.26 per share, with a total value of $203,450.00. Following the transaction, the director owned 98,132 shares in the company, valued at $614,306.32. The trade was a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 10,207 shares of company stock valued at $61,325. 0.38% of the stock is owned by insiders.

Fortrea Stock Up 1.4%

Shares of FTRE stock traded up $0.12 during mid-day trading on Tuesday, reaching $8.98. 4,304,328 shares of the company's stock traded hands, compared to its average volume of 1,809,470. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28. The company has a market cap of $815.38 million, a P/E ratio of -0.79 and a beta of 1.81. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The company's 50-day moving average price is $6.11 and its 200-day moving average price is $7.24.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating 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 firm had revenue of $710.30 million for the quarter, compared to analysts' expectations of $631.61 million. On average, equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FTRE shares. Truist Financial initiated coverage on shares of Fortrea in a research report on Friday, May 2nd. They set a "hold" rating and a $7.00 price target for the company. The Goldman Sachs Group cut their price objective on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Evercore ISI lifted 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. Finally, Mizuho decreased their price target 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. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Fortrea currently has a consensus rating of "Hold" and an average price target of $12.22.

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.