Millennium Management LLC Purchases 3,296,461 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Millennium Management LLC significantly increased its stake in Fortrea Holdings Inc. by 1,625.8%, acquiring 3,499,220 shares, representing approximately 3.86% of the company's total stock, valued at $26.4 million.
• Fortrea reported a positive quarterly earnings per share (EPS) of $0.19, surpassing analysts' expectations of $0.06, with revenues reaching $710.3 million, exceeding the forecast of $631.61 million.
• Various hedge funds are actively adjusting their positions in Fortrea, with significant increases noted from Northern Trust Corp and Ameriprise Financial, highlighting growing institutional interest in the company.

Millennium Management LLC increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 1,625.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,499,220 shares of the company's stock after purchasing an additional 3,296,461 shares during the quarter. Millennium Management LLC owned approximately 3.86% of Fortrea worth $26,419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Corvex Management LP lifted its stake in Fortrea by 28.6% during the first quarter. Corvex Management LP now owns 4,474,898 shares of the company's stock worth $33,785,000 after purchasing an additional 994,000 shares during the period. AQR Capital Management LLC lifted its position in shares of Fortrea by 181.9% during the 1st quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company's stock worth $8,269,000 after buying an additional 706,779 shares during the period. HBK Investments L P bought a new position in shares of Fortrea during the 1st quarter worth approximately $1,450,000. PDT Partners LLC lifted its holdings in shares of Fortrea by 43.9% during the first quarter. PDT Partners LLC now owns 126,998 shares of the company's stock valued at $959,000 after acquiring an additional 38,765 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of Fortrea by 319.2% during the first quarter. Cubist Systematic Strategies LLC now owns 200,695 shares of the company's stock valued at $1,515,000 after acquiring an additional 152,817 shares during the period.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FTRE. Robert W. Baird lifted their price target on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Barclays reaffirmed an "underweight" rating and issued a $6.00 price target (up from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Finally, Evercore ISI lifted their price target on Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a report on Friday, August 8th. 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $11.50.

Fortrea Stock Performance

Shares of NASDAQ:FTRE traded up $0.33 during trading hours on Wednesday, hitting $10.39. The stock had a trading volume of 128,385 shares, compared to its average volume of 2,287,655. Fortrea Holdings Inc. has a 1-year low of $3.97 and a 1-year high of $25.28. 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 market capitalization of $942.96 million, a price-to-earnings ratio of -0.91 and a beta of 1.91. The stock's fifty day simple moving average is $7.62 and its 200 day simple moving average is $6.75.

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, beating the consensus estimate of $0.06 by $0.13. The business had revenue of $710.30 million during the quarter, compared to analysts' expectations of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. Sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

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.