XTX Topco Ltd acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 77,733 shares of the company's stock, valued at approximately $587,000. XTX Topco Ltd owned about 0.09% of Fortrea at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC lifted its stake in Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company's stock worth $150,819,000 after purchasing an additional 3,265,402 shares in the last quarter. Corvex Management LP increased its stake in Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock valued at $64,919,000 after acquiring an additional 1,260,156 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Fortrea in the first quarter valued at $9,232,000. Northern Trust Corp raised its position in Fortrea by 28.2% during the fourth quarter. Northern Trust Corp now owns 697,275 shares of the company's stock valued at $13,004,000 after purchasing an additional 153,184 shares in the last quarter. Finally, Kennedy Capital Management LLC boosted its holdings in shares of Fortrea by 43.6% in the 4th quarter. Kennedy Capital Management LLC now owns 568,897 shares of the company's stock worth $10,610,000 after purchasing an additional 172,856 shares in the last quarter.
Fortrea Stock Down 9.1%
Shares of FTRE stock traded down $0.66 during mid-day trading on Friday, reaching $6.58. 1,576,440 shares of the company's stock traded hands, compared to its average volume of 1,947,601. The company has a quick ratio of 0.97, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The company's 50-day moving average price is $5.50 and its 200-day moving average price is $8.03. The company has a market cap of $597.46 million, a P/E ratio of -0.58, a P/E/G ratio of 0.44 and a beta of 1.81. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.74.
Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share 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 business had revenue of $710.30 million for the quarter, compared to analysts' expectations of $631.61 million. On average, equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of brokerages recently weighed in on FTRE. Mizuho decreased their price objective on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Barclays reissued an "underweight" rating and set a $6.00 price target (up from $5.00) on shares of Fortrea in a research note on Thursday. Robert W. Baird raised shares of Fortrea from a "neutral" rating to an "outperform" rating and increased their target price for the company from $7.00 to $9.00 in a report on Monday, August 4th. The Goldman Sachs Group lowered their price target on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Finally, Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortrea currently has a consensus rating of "Hold" and a consensus target price of $14.00.
Read Our Latest Stock Analysis on FTRE
Fortrea Company Profile
(
Free Report)
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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