Wealth Enhancement Advisory Services LLC Buys 62,554 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Wealth Enhancement Advisory Services LLC significantly increased its stake in Fortrea Holdings Inc. by 395.9%, acquiring an additional 62,554 shares during the second quarter, raising its total ownership to approximately $409,000.
• Several firms, including Barclays and Baird, have recently adjusted their price targets for Fortrea, with Barclays setting a target of $8.00 and Baird raising their rating to "strong-buy."
• Fortrea Holdings Inc. reported earnings of $0.19 per share in its latest quarterly results, exceeding analysts' expectations and demonstrating a revenue of $710.30 million, compared to estimates of $631.61 million.

Wealth Enhancement Advisory Services LLC increased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 395.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 78,355 shares of the company's stock after purchasing an additional 62,554 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.09% of Fortrea worth $409,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brooklyn Investment Group grew its stake in Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock worth $29,000 after buying an additional 3,831 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fortrea during the 1st quarter worth approximately $39,000. Quarry LP increased its stake in Fortrea by 73.4% in the first quarter. Quarry LP now owns 7,567 shares of the company's stock valued at $57,000 after acquiring an additional 3,202 shares during the last quarter. GAMMA Investing LLC raised its position in Fortrea by 736.6% during the first 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 in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in Fortrea during the first quarter valued at approximately $65,000.

Analyst Ratings Changes

FTRE has been the topic of several recent analyst reports. Barclays lifted their price target on Fortrea from $6.00 to $8.00 and gave the company an "underweight" rating in a research note on Thursday. Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. Evercore ISI boosted their target price on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Jefferies Financial Group increased their target price on shares of Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a report on Tuesday, September 9th. Finally, Robert W. Baird lifted 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. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.72.

Insider Activity at Fortrea

In other news, Director Erin L. Russell purchased 9,854 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were acquired at an average price of $10.15 per share, with a total value of $100,018.10. Following the completion of the transaction, the director owned 9,854 shares of the company's stock, valued at $100,018.10. The trade was a ∞ 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 Peter M. Neupert acquired 32,500 shares of the stock in a transaction dated Monday, August 11th. The stock was acquired at an average cost of $6.26 per share, with a total value of $203,450.00. Following the completion of the transaction, the director owned 98,132 shares in the company, valued at approximately $614,306.32. This represents a 49.52% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 0.38% of the stock is owned by company insiders.

Fortrea Stock Performance

NASDAQ:FTRE opened at $9.59 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. Fortrea Holdings Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $25.28. The company has a 50 day simple moving average of $8.73 and a two-hundred day simple moving average of $6.67. The company has a market capitalization of $870.77 million, a PE ratio of -0.84 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $631.61 million. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

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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