Hsbc Holdings PLC Buys 40,396 Shares of Fortrea Holdings Inc. $FTRE

Hsbc Holdings PLC boosted its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 276.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,021 shares of the company's stock after acquiring an additional 40,396 shares during the period. Hsbc Holdings PLC owned 0.06% of Fortrea worth $415,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea during the fourth quarter worth $30,000. GF Fund Management CO. LTD. acquired a new position in Fortrea in the 4th quarter valued at about $35,000. Janus Henderson Group PLC lifted its holdings in shares of Fortrea by 4.9% in the 4th quarter. Janus Henderson Group PLC now owns 43,298 shares of the company's stock worth $809,000 after acquiring an additional 2,006 shares during the last quarter. Brooklyn Investment Group lifted its holdings in shares of Fortrea by 9,577.5% in the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock worth $29,000 after acquiring an additional 3,831 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Fortrea by 7.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 59,630 shares of the company's stock worth $1,113,000 after acquiring an additional 4,260 shares in the last quarter.

Insider Buying and Selling at Fortrea

In other news, Director Peter M. Neupert bought 32,500 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was acquired at an average cost of $6.26 per share, with a total value 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Erin L. Russell acquired 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, with a total value of $100,018.10. Following the completion of the acquisition, the director owned 9,854 shares of the company's stock, valued at $100,018.10. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 72,354 shares of company stock valued at $507,168. 0.38% of the stock is currently owned by company insiders.

Fortrea Trading Up 10.7%

NASDAQ:FTRE traded up $1.12 during trading hours on Friday, hitting $11.63. 2,119,135 shares of the stock were exchanged, compared to its average volume of 1,882,554. The company's 50 day moving average is $6.90 and its two-hundred day moving average is $6.91. The company has a market capitalization of $1.06 billion, a P/E ratio of -1.02 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 twelve month low of $3.97 and a twelve month high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, topping 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 business had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. On average, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Cowen restated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. The Goldman Sachs Group lowered 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 reaffirmed a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Mizuho lowered their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Finally, Evercore ISI upped their price objective on shares of Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $12.78.

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.