Covestor Ltd lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE – Free Report) 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.
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.
Read Our Latest Research Report on Fortrea
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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