Deutsche Bank AG Has $8.80 Million Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Key Points

• Deutsche Bank AG significantly increased its stake in Fortrea Holdings Inc. by 17,183.6% during Q1, owning approximately 1.29% of the company worth around $8.80 million.
• Company director Peter M. Neupert purchased 32,500 shares at $6.26 each, increasing his holdings by nearly 50% to a total of 98,132 shares.
• Fortrea reported **$0.19 EPS**, exceeding analyst expectations and generating revenues of **$710.30 million** for the quarter, above the projected $631.61 million.

Deutsche Bank AG raised its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 17,183.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,165,086 shares of the company's stock after acquiring an additional 1,158,345 shares during the period. Deutsche Bank AG owned approximately 1.29% of Fortrea worth $8,796,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in FTRE. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortrea in the fourth quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new stake in Fortrea in the fourth quarter valued at approximately $35,000. GAMMA Investing LLC grew its stake 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 acquiring an additional 6,909 shares during the period. Quarry LP grew its stake in Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $81,000 after acquiring an additional 4,034 shares during the period. Finally, Pekin Hardy Strauss Inc. acquired a new stake in Fortrea in the first quarter valued at approximately $91,000.

Insider Buying and Selling

In other Fortrea news, Director Peter M. Neupert purchased 32,500 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the acquisition, the director owned 98,132 shares of the company's stock, valued at $614,306.32. The trade was a 49.52% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.38% of the company's stock.

Fortrea Stock Performance

Shares of Fortrea stock opened at $8.04 on Friday. The business's fifty day simple moving average is $5.76 and its 200 day simple moving average is $7.67. The firm has a market capitalization of $730.03 million, a P/E ratio of -0.71 and a beta of 1.81. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28. 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 (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. The business 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%. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Barclays reissued an "underweight" rating and issued a $6.00 price objective (up previously from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. Truist Financial initiated coverage on Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 price objective for the company. Robert W. Baird raised Fortrea from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $7.00 to $9.00 in a research report on Monday, August 4th. Cowen reaffirmed a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Finally, Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Fortrea presently has an average rating of "Hold" and a consensus price target of $13.30.

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.

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