Goldman Sachs Group Inc. Reduces Stock Position in Fortrea Holdings Inc. $FTRE

Key Points

• Goldman Sachs Group Inc. reduced its stake in Fortrea Holdings Inc. by 28.6% during the first quarter, now holding approximately $3.64 million worth of shares.
• Fortrea Holdings recently topped analysts' earnings estimates by reporting $0.19 EPS for the quarter, with revenue of $710.30 million, compared to expectations of $631.61 million.
• Several analysts have upgraded Fortrea’s stock ratings, including Baird R W, which raised it to a "strong-buy" rating, indicating growing confidence in the company's performance.

Goldman Sachs Group Inc. lowered its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 28.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 481,751 shares of the company's stock after selling 193,275 shares during the quarter. Goldman Sachs Group Inc. owned 0.53% of Fortrea worth $3,637,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. GF Fund Management CO. LTD. purchased a new position in Fortrea during the fourth quarter valued at approximately $35,000. Brooklyn Investment Group lifted its position in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after acquiring an additional 3,831 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Fortrea in the first quarter valued at approximately $39,000. Quarry LP lifted its position in shares of Fortrea by 73.4% in the first quarter. Quarry LP now owns 7,567 shares of the company's stock valued at $57,000 after acquiring an additional 3,202 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of 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 in the last quarter.

Fortrea Stock Up 0.8%

NASDAQ:FTRE traded up $0.08 during mid-day trading on Monday, hitting $10.21. The company had a trading volume of 116,663 shares, compared to its average volume of 2,284,722. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The business has a fifty day simple moving average of $7.93 and a 200-day simple moving average of $6.71. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.28. The firm has a market capitalization of $926.98 million, a price-to-earnings ratio of -0.90 and a beta of 1.91.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $710.30 million for the quarter, compared to analysts' expectations of $631.61 million. Equities analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Jill G. Mcconnell sold 3,156 shares of the firm's stock in a transaction dated 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 sale, the chief financial officer owned 58,770 shares in the company, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Erin L. Russell bought 9,854 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was purchased at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the acquisition, the director owned 9,854 shares in the company, valued at approximately $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company's stock.

Analyst Ratings Changes

FTRE has been the topic of a number of analyst reports. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Jefferies Financial Group raised their target price on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a research note on Tuesday, September 9th. Barclays reaffirmed an "underweight" rating and issued a $6.00 price objective (up from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. Evercore ISI lifted their price objective on Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. Finally, Robert W. Baird boosted their target price on Fortrea from $9.00 to $14.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. One research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $11.50.

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.