Assenagon Asset Management S.A. purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,222,798 shares of the company's stock, valued at approximately $9,232,000. Assenagon Asset Management S.A. owned 1.36% of Fortrea as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. SG Americas Securities LLC boosted its position in shares of Fortrea by 960.3% in the 1st quarter. SG Americas Securities LLC now owns 129,318 shares of the company's stock valued at $976,000 after purchasing an additional 117,122 shares during the period. GAMMA Investing LLC boosted its position in Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock worth $59,000 after acquiring an additional 6,909 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Fortrea during the 4th quarter worth about $35,000. PharVision Advisers LLC acquired a new stake in Fortrea during the 4th quarter worth about $345,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Fortrea by 2.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,034 shares of the company's stock worth $4,756,000 after acquiring an additional 5,691 shares during the period.
Fortrea Stock Performance
Shares of FTRE stock traded down $0.36 during trading on Friday, reaching $5.91. The company had a trading volume of 2,989,314 shares, compared to its average volume of 1,867,507. The firm's 50 day simple moving average is $5.25 and its two-hundred day simple moving average is $11.91. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $28.41. The company has a market capitalization of $534.86 million, a PE ratio of -1.73, a PEG ratio of 1.78 and a beta of 1.59.
Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $651.30 million for the quarter, compared to the consensus estimate of $609.63 million. Sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on FTRE shares. Barclays decreased their price objective on Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Tuesday, May 13th. Cowen restated a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Evercore ISI decreased their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research report on Tuesday, March 4th. Citigroup restated a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Finally, William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $15.00.
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Fortrea Company Profile
(
Free Report)
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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