Covestor Ltd Raises Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Covestor Ltd lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 420.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,083 shares of the company’s stock after buying an additional 1,683 shares during the period. Covestor Ltd’s holdings in Fortrea were worth $84,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Whittier Trust Co. acquired a new position in shares of Fortrea during the fourth quarter worth $25,000. ZRC Wealth Management LLC acquired a new position in Fortrea during the 4th quarter valued at about $27,000. Allworth Financial LP purchased a new stake in Fortrea in the fourth quarter valued at about $28,000. Glassman Wealth Services acquired a new stake in Fortrea in the fourth quarter worth about $28,000. Finally, Clean Yield Group acquired a new stake in Fortrea in the fourth quarter worth about $30,000.

Fortrea Stock Performance

Fortrea stock traded up $0.34 during midday trading on Wednesday, hitting $26.15. 324,897 shares of the company were exchanged, compared to its average volume of 1,139,157. The business has a fifty day simple moving average of $25.05 and a two-hundred day simple moving average of $31.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a market capitalization of $2.34 billion and a PE ratio of -18.75. Fortrea Holdings Inc. has a fifty-two week low of $22.15 and a fifty-two week high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.04) EPS for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.10 million for the quarter, compared to analyst estimates of $754.58 million. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.72 earnings per share for the current year.

Insider Activity

In other Fortrea news, General Counsel James S. Hanson purchased 2,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were bought at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the general counsel now owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel James S. Hanson purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was bought at an average price of $25.30 per share, with a total value of $50,600.00. Following the acquisition, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Pike acquired 10,000 shares of Fortrea stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the transaction, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. Insiders own 0.12% of the company’s stock.

Analysts Set New Price Targets

FTRE has been the subject of a number of recent analyst reports. Mizuho initiated coverage on shares of Fortrea in a research note on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price for the company. Barclays initiated coverage on shares of Fortrea in a research note on Wednesday. They set an “equal weight” rating and a $30.00 price objective for the company. Bank of America cut their target price on Fortrea from $27.00 to $26.00 and set an “underperform” rating on the stock in a research report on Thursday, July 18th. Robert W. Baird raised Fortrea from a “neutral” rating to an “outperform” rating and lowered their price target for the stock from $45.00 to $36.00 in a research report on Tuesday, May 14th. Finally, The Goldman Sachs Group began coverage on Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $31.70.

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.