Natixis Advisors LLC Has $1.14 Million Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Key Points

• Natixis Advisors LLC reduced its holdings in Fortrea Holdings Inc. by 29.4%, selling 63,103 shares and owning a total of 151,403 shares valued at $1,143,000.
• Fortrea reported $0.19 earnings per share, exceeding expectations of $0.06, alongside revenue of $710.30 million compared to the anticipated $631.61 million.
• Analyst ratings for Fortrea show a consensus of "Hold", with an average target price of $14.00, despite several firms lowering their price targets.

Natixis Advisors LLC reduced its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 29.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 151,403 shares of the company's stock after selling 63,103 shares during the period. Natixis Advisors LLC owned approximately 0.17% of Fortrea worth $1,143,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in FTRE. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fortrea in the fourth quarter valued at $30,000. GF Fund Management CO. LTD. bought a new position in Fortrea during the 4th quarter valued at about $35,000. GAMMA Investing LLC raised its position in Fortrea by 736.6% in the 1st 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. Covestor Ltd raised its position in Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company's stock worth $81,000 after purchasing an additional 1,593 shares during the period. Finally, Quarry LP lifted its stake in Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after purchasing an additional 4,034 shares during the last quarter.

Fortrea Trading Up 7.3%

FTRE traded up $0.53 during trading on Wednesday, hitting $7.84. 1,800,292 shares of the company's stock were exchanged, compared to its average volume of 2,367,422. The stock has a 50 day moving average price of $5.60 and a 200 day moving average price of $7.81. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.28. 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 firm has a market cap of $711.87 million, a P/E ratio of -0.69 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share 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 the consensus estimate of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. As a group, analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Analyst Ratings Changes

FTRE has been the subject of several research reports. Truist Financial assumed coverage on shares of Fortrea in a research report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target for the company. Citigroup restated a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Mizuho dropped 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. Robert W. Baird raised Fortrea from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $7.00 to $9.00 in a research report on Monday, August 4th. Finally, The Goldman Sachs Group decreased their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortrea currently has an average rating of "Hold" and an average target price of $14.00.

Insider Activity at Fortrea

In other Fortrea news, Director Peter M. Neupert bought 32,500 shares of the business's stock in a transaction on 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 completion of the acquisition, the director directly owned 98,132 shares of the company's stock, valued at approximately $614,306.32. The trade was a 49.52% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.38% of the company's stock.

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.