Redwood Investment Management LLC Reduces Stock Holdings in Fortrea Holdings Inc. $FTRE

Key Points

• Redwood Investment Management LLC reduced its stake in Fortrea Holdings Inc. by 58.4%, owning approximately 52,407 shares worth $396,000 as of its latest SEC filing.
• The stock has a recent trading range with a 1-year low of $3.97 and a 1-year high of $25.28, currently opening at $9.03.
• Fortrea reported a quarterly EPS of $0.19, exceeding estimates, with a revenue of $710.30 million compared to the consensus estimate of $631.61 million.

Redwood Investment Management LLC decreased its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 58.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,407 shares of the company's stock after selling 73,720 shares during the quarter. Redwood Investment Management LLC owned approximately 0.06% of Fortrea worth $396,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Fortrea by 0.7% in the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company's stock worth $75,147,000 after purchasing an additional 69,005 shares in the last quarter. Corvex Management LP raised its holdings in Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock worth $64,919,000 after purchasing an additional 1,260,156 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Fortrea in the first quarter worth $9,232,000. Deutsche Bank AG increased its holdings in shares of Fortrea by 17,183.6% during the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock valued at $8,796,000 after acquiring an additional 1,158,345 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Fortrea by 55.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 952,021 shares of the company's stock valued at $7,188,000 after acquiring an additional 339,124 shares in the last quarter.

Fortrea Stock Performance

Shares of Fortrea stock traded down $0.04 during trading on Tuesday, hitting $9.81. 449,672 shares of the company's stock traded hands, compared to its average volume of 2,326,322. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.28. The stock has a market capitalization of $890.75 million, a P/E ratio of -0.86 and a beta of 1.88. The business has a 50-day simple moving average of $6.46 and a 200-day simple moving average of $7.04.

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

Insider Activity

In other Fortrea news, Director Peter M. Neupert bought 32,500 shares of the firm's stock in a transaction that occurred 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 purchase, the director owned 98,132 shares of the company's stock, valued at $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total value of $39,136.86. Following the sale, the chief financial officer directly owned 54,770 shares in the company, valued at $438,707.70. This trade represents a 8.19% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Robert W. Baird upgraded Fortrea from a "neutral" rating to an "outperform" rating and raised their price target for the company from $7.00 to $9.00 in a report on Monday, August 4th. Citigroup restated a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Cowen restated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Barclays restated an "underweight" rating and set a $6.00 price target (up from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Finally, The Goldman Sachs Group reduced their price target on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.22.

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.