Dynamic Technology Lab Private Ltd Takes Position in Fortrea Holdings Inc. $FTRE

Key Points

• Dynamic Technology Lab Private Ltd purchased 76,150 shares of Fortrea Holdings Inc., representing a stake worth approximately $575,000, and now owns 0.08% of the company.
• Fortrea has seen significant moves by hedge funds, including a 736.6% increase in shares owned by GAMMA Investing LLC during the first quarter of the year.
• Analysts have mixed views on Fortrea, with a consensus rating of "Hold" and a target price averaging $11.50, while some ratings range from "Neutral" to "Strong Buy."

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 76,150 shares of the company's stock, valued at approximately $575,000. Dynamic Technology Lab Private Ltd owned 0.08% of Fortrea as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Fortrea by 736.6% in the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock worth $59,000 after purchasing an additional 6,909 shares during the period. Allspring Global Investments Holdings LLC grew its position 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 buying an additional 6,270 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Fortrea during the first quarter worth approximately $119,000. Ameriprise Financial Inc. raised its stake in shares of Fortrea by 54.8% during the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock worth $9,356,000 after buying an additional 177,608 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Fortrea by 960.3% in the first quarter. SG Americas Securities LLC now owns 129,318 shares of the company's stock valued at $976,000 after buying an additional 117,122 shares during the period.

Analysts Set New Price Targets

FTRE has been the subject of a number of analyst reports. Mizuho lowered their target price on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Robert W. Baird increased their price target on Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Cowen reiterated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Finally, Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. One research 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $11.50.

Fortrea Price Performance

FTRE opened at $10.01 on Thursday. The stock has a market cap of $908.91 million, a P/E ratio of -0.88 and a beta of 1.91. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 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. The company has a fifty day simple moving average of $7.20 and a 200 day simple moving average of $6.92.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted 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. The firm had revenue of $710.30 million during the quarter, compared to analysts' expectations 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 year.

Insider Buying and Selling

In related news, Director Peter M. Neupert bought 32,500 shares of the company's stock in a transaction on Monday, August 11th. The shares were purchased at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, 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 position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jill G. Mcconnell sold 3,156 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the transaction, the chief financial officer owned 58,770 shares of the company's stock, valued at $601,217.10. This trade represents a 5.10% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders acquired 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. 0.38% of the stock is owned by company 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.

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