Fortrea Holdings Inc. $FTRE Shares Acquired by Capital Fund Management S.A.

Key Points

• Capital Fund Management S.A. increased its stake in Fortrea Holdings Inc. by 122.9% during the first quarter, owning approximately $1.18 million in shares by the end of the quarter.
• Several analysts have rated Fortrea with a consensus rating of "Hold", with a price target ranging from $6.00 to $12.22.
• Fortrea Holdings reported $0.19 EPS for the last quarter, significantly beating expectations, and had revenues of $710.30 million compared to estimates of $631.61 million.

Capital Fund Management S.A. boosted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 122.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 155,653 shares of the company's stock after acquiring an additional 85,809 shares during the period. Capital Fund Management S.A. owned 0.17% of Fortrea worth $1,175,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in FTRE. Brooklyn Investment Group lifted its stake in Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock worth $29,000 after purchasing an additional 3,831 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fortrea during the fourth quarter worth $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea in the fourth quarter valued at $35,000. Caitong International Asset Management Co. Ltd purchased a new position in Fortrea in the first quarter valued at $39,000. Finally, GAMMA Investing LLC increased its holdings in Fortrea by 736.6% in the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock valued at $59,000 after buying an additional 6,909 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FTRE shares. Cowen reaffirmed a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Barclays reaffirmed an "underweight" rating and set a $6.00 price objective (up previously from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Evercore ISI raised their price objective on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Finally, The Goldman Sachs Group decreased their target price on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. One research 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $12.22.

Fortrea Stock Performance

NASDAQ:FTRE traded up $0.20 during mid-day trading on Friday, reaching $9.85. The stock had a trading volume of 3,568,782 shares, compared to its average volume of 1,990,274. 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 $894.38 million, a price-to-earnings ratio of -0.87 and a beta of 1.81. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $25.28. The business has a 50 day simple moving average of $6.36 and a 200 day simple moving average of $7.18.

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

Insider Transactions at Fortrea

In other Fortrea news, Director Peter M. Neupert acquired 32,500 shares of the company's stock in a transaction dated Monday, August 11th. The stock was acquired at an average cost of $6.26 per share, with a total value of $203,450.00. Following the purchase, the director directly owned 98,132 shares in the company, valued at approximately $614,306.32. This trade represents a 49.52% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jill G. Mcconnell sold 4,886 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at approximately $438,707.70. This trade represents a 8.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,207 shares of company stock valued at $61,325. 0.38% of the stock is currently owned by corporate insiders.

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.