Ieq Capital LLC Purchases 33,235 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Ieq Capital LLC significantly increased its holdings in Fortrea Holdings Inc. by 303.5%, acquiring an additional 33,235 shares, bringing its total to 44,186 shares valued at $334,000.
• The stock price of Fortrea recently rose by 10.7%, with a current price of $11.63, despite having a 52-week range between $3.97 and $25.28.
• Several analysts revised their price targets for Fortrea, with Goldman Sachs lowering its target to $5.00 while Robert W. Baird increased it to $14.00, reflecting different perspectives on the company's potential.

Ieq Capital LLC raised its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 303.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,186 shares of the company's stock after buying an additional 33,235 shares during the quarter. Ieq Capital LLC's holdings in Fortrea were worth $334,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea in the fourth quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new position in Fortrea in the fourth quarter valued at approximately $35,000. Brooklyn Investment Group lifted its stake in 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 buying an additional 3,831 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Fortrea during the first quarter worth approximately $39,000. Finally, GAMMA Investing LLC raised its position in shares of Fortrea by 736.6% during 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.

Fortrea Stock Performance

NASDAQ:FTRE traded up $0.22 during trading on Thursday, reaching $10.23. The company's stock had a trading volume of 1,649,880 shares, compared to its average volume of 1,849,006. The firm has a market cap of $928.88 million, a price-to-earnings ratio of -0.90 and a beta of 1.91. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a 50 day moving average of $7.30 and a 200-day moving average of $6.89. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. Research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FTRE shares. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Robert W. Baird upped their target price on Fortrea from $9.00 to $14.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 3rd. Mizuho lowered their target price on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Evercore ISI upped their target price on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Finally, Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $11.50.

Insider Transactions at Fortrea

In other news, Director Erin L. Russell purchased 9,854 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was bought at an average price of $10.15 per share, for a total transaction of $100,018.10. Following the purchase, the director owned 9,854 shares of the company's stock, valued at $100,018.10. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of the business's stock in a transaction dated Monday, August 11th. The shares were purchased at an average price of $6.26 per share, with a total value of $203,450.00. Following 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 disclosure for this purchase can be found here. In the last 90 days, insiders bought 72,354 shares of company stock worth $507,168 and sold 10,311 shares worth $94,635. 0.38% of the stock is owned by corporate insiders.

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.