Cwm LLC Purchases 110,197 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Cwm LLC significantly boosted its stake in Fortrea Holdings Inc. by 585.4% in Q2, acquiring an additional 110,197 shares, bringing its total holdings to 129,022 shares worth $637,000.
• Fortrea's stock has recently been rated with an average of "Hold" by analysts, with target prices ranging from $8.00 to $14.00, according to multiple research reports.
• In insider trading, Director Erin L. Russell purchased 9,854 shares at $10.15 per share, while Peter M. Neupert bought 32,500 shares at $6.26, indicating growing confidence in the company's future.

Cwm LLC increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 585.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 129,022 shares of the company's stock after acquiring an additional 110,197 shares during the quarter. Cwm LLC owned about 0.14% of Fortrea worth $637,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Quarry LP raised its holdings in Fortrea by 73.4% in the 1st quarter. Quarry LP now owns 7,567 shares of the company's stock worth $57,000 after acquiring an additional 3,202 shares during the period. Brooklyn Investment Group increased its holdings in shares of Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock worth $29,000 after purchasing an additional 3,831 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Fortrea by 8.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 53,909 shares of the company's stock worth $266,000 after purchasing an additional 4,207 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Fortrea during the 1st quarter worth about $39,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Fortrea by 56.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company's stock worth $122,000 after purchasing an additional 6,270 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FTRE shares. Robert W. Baird boosted their price objective on shares of Fortrea from $9.00 to $14.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Barclays boosted their price objective on shares of Fortrea from $6.00 to $8.00 and gave the stock an "underweight" rating in a report on Thursday, October 2nd. Evercore ISI boosted their price objective on shares of Fortrea from $7.00 to $11.00 and gave the stock an "in-line" rating in a report on Wednesday, October 8th. Zacks Research downgraded shares of Fortrea from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, Jefferies Financial Group boosted their price objective on shares of Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have assigned a Hold rating and two have assigned 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 $12.39.

Insider Buying and Selling at Fortrea

In other news, Director Erin L. Russell purchased 9,854 shares of Fortrea stock in a transaction on Tuesday, September 2nd. The shares were purchased at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the transaction, the director directly owned 9,854 shares in the company, valued at approximately $100,018.10. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of Fortrea stock in a transaction on Monday, August 11th. The stock was purchased at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the transaction, the director 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 disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. Company insiders own 0.38% of the company's stock.

Fortrea Stock Performance

NASDAQ FTRE opened at $10.80 on Friday. The stock has a market cap of $980.64 million, a P/E ratio of -0.95, a PEG ratio of 0.46 and a beta of 1.81. The company's 50-day simple moving average is $9.60 and its 200 day simple moving average is $6.89. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $25.28. 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 (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. The business had revenue of $693.90 million for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

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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