Redwood Investment Management LLC Has $396,000 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 trimmed its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 58.4% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 52,407 shares of the company's stock after selling 73,720 shares during the period. Redwood Investment Management LLC owned about 0.06% of Fortrea worth $396,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in FTRE. Brooklyn Investment Group lifted its stake in shares of Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after acquiring an additional 3,831 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Fortrea during the 4th quarter worth about $30,000. GF Fund Management CO. LTD. acquired a new position in Fortrea during the 4th quarter valued at about $35,000. Caitong International Asset Management Co. Ltd acquired a new position in Fortrea during the 1st quarter valued at about $39,000. Finally, GAMMA Investing LLC boosted its stake 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 purchasing an additional 6,909 shares during the last quarter.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Citigroup reissued a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Cowen reaffirmed a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Mizuho cut their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Barclays restated an "underweight" rating and issued a $6.00 price target (up from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Finally, Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. One 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $12.22.

Fortrea Stock Performance

FTRE stock opened at $9.03 on Thursday. 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 $819.92 million, a PE ratio of -0.79 and a beta of 1.81. The business's 50-day moving average price is $6.19 and its two-hundred day moving average price is $7.25.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly 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. The company had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Peter M. Neupert acquired 32,500 shares of the stock in a transaction dated Monday, August 11th. The stock was bought at an average price of $6.26 per share, with a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jill G. Mcconnell sold 4,886 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total transaction of $39,136.86. Following the sale, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. The trade was a 8.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,207 shares of company stock valued at $61,325. 0.38% of the stock is owned by company insiders.

About Fortrea

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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