Fortrea Holdings Inc. $FTRE Shares Acquired by PDT Partners LLC

Key Points

• PDT Partners LLC increased its stake in Fortrea Holdings Inc. by 43.9%, now holding 126,998 shares valued at approximately $959,000.
• Several institutional investors have also significantly increased their positions in Fortrea, including Cubist Systematic Strategies, which raised its holdings by 319.2%.
• Analysts hold a consensus rating of "Hold" for Fortrea with an average price target of $12.78, despite mixed ratings from various financial firms.

PDT Partners LLC boosted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 43.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,998 shares of the company's stock after acquiring an additional 38,765 shares during the period. PDT Partners LLC owned about 0.14% of Fortrea worth $959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Fortrea by 736.6% in the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock valued at $59,000 after buying an additional 6,909 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Fortrea by 56.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company's stock valued at $122,000 after buying an additional 6,270 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Fortrea in the 1st quarter valued at about $119,000. Ameriprise Financial Inc. boosted its holdings in shares of Fortrea by 54.8% in the 4th quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock valued at $9,356,000 after buying an additional 177,608 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Fortrea by 960.3% in the 1st quarter. SG Americas Securities LLC now owns 129,318 shares of the company's stock valued at $976,000 after buying an additional 117,122 shares in the last quarter.

Fortrea Price Performance

Fortrea stock traded down $0.06 during trading on Tuesday, reaching $10.27. The company had a trading volume of 385,412 shares, compared to its average volume of 2,319,310. The firm's 50-day simple moving average is $7.01 and its 200 day simple moving average is $6.88. 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 $932.06 million, a PE ratio of -0.90 and a beta of 1.88. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results 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. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The firm had revenue of $710.30 million for the quarter, compared to analysts' expectations of $631.61 million. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FTRE shares. The Goldman Sachs Group decreased their price objective on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. Mizuho decreased their price objective on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Robert W. Baird increased their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Citigroup reissued a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Finally, Evercore ISI raised their price target on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $11.50.

Insider Activity

In related news, Director Peter M. Neupert acquired 32,500 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were purchased at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, the director owned 98,132 shares in the company, valued at $614,306.32. The trade was a 49.52% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erin L. Russell acquired 9,854 shares of the firm'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 completion of the acquisition, the director owned 9,854 shares in the company, valued at approximately $100,018.10. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 72,354 shares of company stock valued at $507,168. Company insiders own 0.38% of the company's stock.

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.