Deutsche Bank AG Increases Holdings in Fortrea Holdings Inc. $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 lifted its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 17,183.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,165,086 shares of the company's stock after buying an additional 1,158,345 shares during the quarter. Deutsche Bank AG owned approximately 1.29% of Fortrea worth $8,796,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTRE. Bank of Montreal Can grew its position in shares of Fortrea by 53.7% during the 4th quarter. Bank of Montreal Can now owns 21,983 shares of the company's stock worth $410,000 after buying an additional 7,677 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Fortrea by 20.5% during the 4th quarter. Invesco Ltd. now owns 546,160 shares of the company's stock worth $10,186,000 after purchasing an additional 92,774 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Fortrea by 2,996.0% during the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company's stock worth $6,005,000 after purchasing an additional 311,582 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Fortrea during the 4th quarter worth $1,082,000. Finally, Mariner LLC purchased a new stake in shares of Fortrea during the 4th quarter worth $200,000.

Insider Activity

In other news, Director Peter M. Neupert acquired 32,500 shares of Fortrea stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the purchase, the director directly owned 98,132 shares in the company, valued at $614,306.32. This trade represents a 49.52% increase in their position. The transaction 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 firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value of $39,136.86. Following the completion of the transaction, the chief financial officer owned 54,770 shares of the company's stock, valued at approximately $438,707.70. The trade was a 8.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,207 shares of company stock valued at $61,325. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

FTRE has been the subject of a number of analyst reports. Truist Financial initiated coverage on Fortrea in a research note on Friday, May 2nd. They set a "hold" rating and a $7.00 price objective for the company. Citigroup restated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Cowen restated a "hold" rating on shares of Fortrea in a research note on Wednesday, May 14th. Robert W. Baird upgraded Fortrea from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $7.00 to $9.00 in a research note on Monday, August 4th. Finally, The Goldman Sachs Group decreased their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Fortrea presently has a consensus rating of "Hold" and a consensus target price of $12.22.

Fortrea Stock Down 2.0%

Fortrea stock traded down $0.16 during midday trading on Wednesday, reaching $7.73. The company's stock had a trading volume of 1,056,946 shares, compared to its average volume of 1,956,384. The stock's 50-day simple moving average is $5.90 and its 200-day simple moving average is $7.49. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $25.28. The stock has a market capitalization of $701.88 million, a P/E ratio of -0.68 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $710.30 million during the quarter, compared to analysts' expectations of $631.61 million. On average, sell-side analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current 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.