Fortrea Holdings Inc. $FTRE Shares Sold by Sessa Capital IM L.P.

Key Points

• Sessa Capital IM L.P. has reduced its stock holdings in Fortrea Holdings Inc. by 29.5%, bringing its ownership down to approximately 4,693,550 shares, which constitutes about 1.4% of its investment portfolio.
• Fortrea's stock has seen a 10.7% increase recently, with shares opening at $11.63 and a market cap of $1.06 billion as it faces varying analyst price targets and ratings.
• Directors of Fortrea have shown confidence in the company by purchasing additional shares, including a significant acquisition by Director Peter M. Neupert, which increased his ownership by 49.52%.

Sessa Capital IM L.P. lessened its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 29.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,693,550 shares of the company's stock after selling 1,964,494 shares during the quarter. Fortrea comprises 1.4% of Sessa Capital IM L.P.'s portfolio, making the stock its 15th largest position. Sessa Capital IM L.P. owned approximately 5.18% of Fortrea worth $35,436,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Fortrea by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company's stock worth $75,147,000 after buying an additional 69,005 shares during the last quarter. Corvex Management LP grew its stake in shares of Fortrea by 28.6% in the 1st quarter. Corvex Management LP now owns 4,474,898 shares of the company's stock worth $33,785,000 after buying an additional 994,000 shares during the last quarter. Millennium Management LLC grew its stake in shares of Fortrea by 1,625.8% in the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company's stock worth $26,419,000 after buying an additional 3,296,461 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Fortrea in the 1st quarter worth approximately $9,232,000. Finally, Deutsche Bank AG grew its stake in shares of Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock worth $8,796,000 after buying an additional 1,158,345 shares during the last quarter.

Analyst Ratings Changes

FTRE has been the topic of a number of recent analyst reports. Evercore ISI increased their price target on shares of Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Baird R W upgraded shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Citigroup reiterated a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Robert W. Baird increased their price target on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Finally, Barclays reiterated an "underweight" rating and set a $6.00 price target (up previously from $5.00) on shares of Fortrea in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $11.50.

Fortrea Price Performance

Shares of NASDAQ:FTRE traded up $0.04 during mid-day trading on Friday, reaching $10.27. The stock had a trading volume of 408,891 shares, compared to its average volume of 2,306,371. The business's 50 day moving average price is $7.30 and its 200 day moving average price is $6.89. 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 company has a market cap of $932.15 million, a P/E ratio of -0.90 and a beta of 1.91. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. Research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Activity

In other Fortrea news, Director Peter M. Neupert acquired 32,500 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average cost 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 in the company, valued at $614,306.32. This represents a 49.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Erin L. Russell acquired 9,854 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were acquired at an average cost 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 of the company's stock, valued at $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company's stock.

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.