Assenagon Asset Management S.A. Sells 848,783 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Assenagon Asset Management S.A. reduced its stake in Fortrea Holdings Inc. by 69.4%, selling 848,783 shares and now holds 374,015 shares worth approximately $1.85 million.
• Multiple large investors, including Vanguard Group and Deutsche Bank AG, significantly increased their positions in Fortrea, with Deutsche Bank boosting its holdings by over 17,000%.
• Fortrea reported a better-than-expected quarterly earnings with earnings per share of $0.19, exceeding analysts’ estimates and showing a revenue of $710.3 million for the period.

Assenagon Asset Management S.A. lessened its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 69.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 374,015 shares of the company's stock after selling 848,783 shares during the period. Assenagon Asset Management S.A. owned 0.41% of Fortrea worth $1,848,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Fortrea by 0.7% in the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company's stock worth $75,147,000 after purchasing an additional 69,005 shares during the period. Corvex Management LP increased its position in Fortrea by 28.6% in the first quarter. Corvex Management LP now owns 4,474,898 shares of the company's stock worth $33,785,000 after purchasing an additional 994,000 shares during the period. Millennium Management LLC increased its position in Fortrea by 1,625.8% in the first quarter. Millennium Management LLC now owns 3,499,220 shares of the company's stock worth $26,419,000 after purchasing an additional 3,296,461 shares during the period. Deutsche Bank AG increased its position in Fortrea by 17,183.6% in the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock worth $8,796,000 after purchasing an additional 1,158,345 shares during the period. Finally, AQR Capital Management LLC increased its position in Fortrea by 181.9% in the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company's stock worth $8,269,000 after purchasing an additional 706,779 shares during the period.

Insider Activity

In other Fortrea news, Director Erin L. Russell acquired 9,854 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were acquired 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. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter M. Neupert acquired 32,500 shares of the business's stock in a transaction dated Monday, August 11th. The shares were acquired at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, the director directly owned 98,132 shares in the company, valued at $614,306.32. This represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 0.38% of the stock is currently owned by company insiders.

Fortrea Price Performance

Shares of FTRE opened at $8.68 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.28. The stock has a market cap of $788.14 million, a P/E ratio of -0.76 and a beta of 1.91. The stock's 50-day moving average price is $8.37 and its two-hundred day moving average price is $6.72.

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Barclays reiterated an "underweight" rating and issued a $6.00 price objective (up from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Evercore ISI lifted their price objective on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Wall Street Zen upgraded Fortrea from a "hold" rating to a "buy" rating in a report on Friday. Jefferies Financial Group raised their target price on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a report on Tuesday, September 9th. Finally, Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Fortrea has an average rating of "Hold" and a consensus target price of $11.50.

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.

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