Pallas Capital Advisors LLC Buys Shares of 46,942 Fortrea Holdings Inc. $FTRE

Key Points

• Pallas Capital Advisors LLC has acquired 46,942 shares of Fortrea Holdings Inc., valued at approximately $232,000, indicating a minor investment stake of about 0.05% in the company.
• Fortrea Holdings reported a quarterly revenue of $710.30 million, significantly exceeding analysts' expectations of $631.61 million, and a EPS of $0.19, beating the consensus estimate by $0.13.
• Recent analyst ratings suggest mixed sentiment for Fortrea, with price target upgrades from Robert W. Baird to $14.00, while Mizuho reduced their target to $7.00, reflecting varying outlooks among experts.

Pallas Capital Advisors LLC acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 46,942 shares of the company's stock, valued at approximately $232,000. Pallas Capital Advisors LLC owned about 0.05% of Fortrea at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Voya Investment Management LLC lifted its holdings in shares of Fortrea by 134.9% during the 1st quarter. Voya Investment Management LLC now owns 303,901 shares of the company's stock valued at $2,294,000 after purchasing an additional 174,549 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Fortrea during the 1st quarter valued at $65,000. Focus Partners Wealth acquired a new position in Fortrea during the 1st quarter valued at about $80,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Fortrea by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company's stock valued at $2,135,000 after buying an additional 27,746 shares in the last quarter. Finally, Caxton Associates LLP acquired a new position in Fortrea during the 1st quarter valued at about $196,000.

Fortrea Stock Down 4.8%

Fortrea stock opened at $9.64 on Tuesday. 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 company has a market capitalization of $875.31 million, a PE ratio of -0.85 and a beta of 1.88. Fortrea Holdings Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $25.28. The firm has a 50 day moving average price of $8.02 and a 200 day moving average price of $6.70.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The company had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Robert W. Baird raised their price target on shares of Fortrea from $9.00 to $14.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Mizuho cut 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. Jefferies Financial Group boosted their price target on Fortrea from $7.00 to $9.50 and gave the company a "hold" rating in a research note on Tuesday, September 9th. Finally, Evercore ISI boosted their price target on Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $11.50.

Insiders Place Their Bets

In other Fortrea news, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $32,285.88. Following the completion of the transaction, the chief financial officer directly owned 58,770 shares of the company's stock, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of the stock in a transaction dated Monday, August 11th. The stock was acquired at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 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.

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