Capital Fund Management S.A. Acquires 85,809 Shares of Fortrea Holdings Inc. $FTRE

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

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTRE. Raymond James Financial Inc. bought a new position in Fortrea during the fourth quarter worth about $1,082,000. Mariner LLC bought a new position in shares of Fortrea during the 4th quarter valued at about $200,000. Marshall Wace LLP bought a new position in Fortrea in the fourth quarter valued at approximately $224,000. Tower Research Capital LLC TRC lifted its stake in Fortrea by 140.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock valued at $198,000 after buying an additional 6,205 shares in the last quarter. Finally, Stifel Financial Corp lifted its stake in Fortrea by 39.8% in the fourth quarter. Stifel Financial Corp now owns 22,520 shares of the company's stock valued at $420,000 after buying an additional 6,413 shares in the last quarter.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FTRE shares. The Goldman Sachs Group cut their price objective on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Citigroup restated a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Barclays restated an "underweight" rating and issued a $6.00 target price (up previously from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. Finally, Mizuho cut their target price on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fortrea has a consensus rating of "Hold" and a consensus target price of $12.22.

Fortrea Stock Performance

Shares of FTRE stock traded up $0.20 on Friday, reaching $9.85. The stock had a trading volume of 3,568,782 shares, compared to its average volume of 2,090,825. The firm's 50-day moving average is $6.36 and its two-hundred day moving average is $7.07. The firm has a market capitalization of $894.38 million, a price-to-earnings ratio of -0.87 and a beta of 1.88. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28.

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

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.