Parallel Advisors LLC Invests $36,000 in Fortrea Holdings Inc. (NASDAQ:FTRE)

Parallel Advisors LLC acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTREFree Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,028 shares of the company’s stock, valued at approximately $36,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Evermay Wealth Management LLC acquired a new position in shares of Fortrea during the fourth quarter worth about $44,000. Hsbc Holdings PLC acquired a new position in Fortrea during the fourth quarter valued at approximately $3,970,000. Glassman Wealth Services acquired a new position in Fortrea during the fourth quarter valued at approximately $28,000. Orion Portfolio Solutions LLC acquired a new position in Fortrea during the fourth quarter valued at approximately $543,000. Finally, Commerce Bank acquired a new position in Fortrea during the fourth quarter valued at approximately $509,000.

Insiders Place Their Bets

In related news, CEO Thomas Pike acquired 10,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were purchased at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the purchase, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.12% of the company’s stock.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $26.51 on Friday. The firm has a market cap of $2.37 billion and a P/E ratio of -19.07. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. Fortrea Holdings Inc. has a 1-year low of $24.18 and a 1-year high of $41.02. The business’s 50 day moving average is $32.96 and its 200-day moving average is $33.69.

Fortrea (NASDAQ:FTREGet Free Report) last announced its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share 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 the consensus estimate of $754.58 million. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. Equities research analysts predict that Fortrea Holdings Inc. will post 0.75 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Evercore ISI reduced their price target on Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research report on Tuesday, May 14th. Bank of America cut their price objective on Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a research report on Tuesday, May 14th. The Goldman Sachs Group started coverage on Fortrea in a research report on Thursday. They issued a “neutral” rating and a $28.00 price objective for the company. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.30.

Check Out Our Latest 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.

See Also

Institutional Ownership by Quarter for Fortrea (NASDAQ:FTRE)

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