Fortrea Holdings Inc. $FTRE Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Fortrea stake by 49.5% in the second quarter, selling 115,118 shares and retaining 117,456 shares valued at approximately $2.04 million.
• Fortrea exceeded quarterly expectations, reporting $0.23 in adjusted earnings per share versus an estimated $0.18, while revenue reached $678.2 million against a $647.6 million consensus estimate.
• Analyst sentiment remains mixed: Fortrea has an average “Hold” rating and a consensus price target of $22, despite TD Cowen raising its target to $23 and issuing a “Buy” rating.

Engineers Gate Manager LP lowered its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 49.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,456 shares of the company's stock after selling 115,118 shares during the period. Engineers Gate Manager LP owned 0.12% of Fortrea worth $2,044,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its holdings in shares of Fortrea by 3.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company's stock valued at $142,702,000 after buying an additional 293,992 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Fortrea during the second quarter worth about $41,488,000. Eagle Health Investments LP grew its holdings in shares of Fortrea by 23.2% during the fourth quarter. Eagle Health Investments LP now owns 1,218,560 shares of the company's stock worth $21,020,000 after buying an additional 229,788 shares during the last quarter. Renaissance Technologies LLC increased its position in Fortrea by 81.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company's stock valued at $13,496,000 after acquiring an additional 643,000 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Fortrea by 163.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company's stock valued at $12,241,000 after acquiring an additional 807,081 shares during the period.

Insider Buying and Selling

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the sale, the chief executive officer directly owned 316,797 shares in the company, valued at approximately $6,069,830.52. The trade was a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.73% of the company's stock.

Fortrea Price Performance

FTRE stock opened at $19.73 on Wednesday. The firm has a 50 day moving average of $18.29 and a 200-day moving average of $14.68. Fortrea Holdings Inc. has a 12-month low of $8.31 and a 12-month high of $21.39. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.98. The company has a market cap of $1.88 billion, a price-to-earnings ratio of -21.68, a PEG ratio of 0.42 and a beta of 1.97.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.05. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%.The business had revenue of $678.20 million for the quarter, compared to analysts' expectations of $647.57 million. As a group, equities analysts expect that Fortrea Holdings Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FTRE shares. Zacks Research cut Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Wall Street Zen lowered Fortrea from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. TD Cowen upped their price target on Fortrea from $19.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Fortrea in a research report on Friday, July 17th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $20.00 price objective on shares of Fortrea in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Fortrea currently has an average rating of "Hold" and a consensus target price of $22.00.

Fortrea Profile

Fortrea Holdings Inc NASDAQ: FTRE is a global contract research organization (CRO) that provides clinical development and related services to pharmaceutical, biotechnology and medical device companies. The company supports sponsors as they plan, manage and evaluate clinical studies designed to bring new medicines and therapies to market.

Fortrea's services span clinical trial management, patient recruitment and engagement, data management, biostatistics, medical monitoring, regulatory support and clinical pharmacology.

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