Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC raised its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 6,216.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 59,245 shares of the company’s stock after acquiring an additional 58,307 shares during the period. GAMMA Investing LLC owned 0.07% of Fortrea worth $447,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. KLP Kapitalforvaltning AS acquired a new stake in shares of Fortrea during the 4th quarter worth $300,000. Alliancebernstein L.P. boosted its position in Fortrea by 107.3% during the 4th quarter. Alliancebernstein L.P. now owns 111,845 shares of the company’s stock worth $2,086,000 after purchasing an additional 57,879 shares during the period. Raymond James Financial Inc. purchased a new stake in Fortrea during the 4th quarter worth $1,082,000. Ameriprise Financial Inc. boosted its position in Fortrea by 54.8% during the 4th quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company’s stock worth $9,356,000 after purchasing an additional 177,608 shares during the period. Finally, Norges Bank purchased a new stake in Fortrea during the 4th quarter worth $330,000.

Fortrea Price Performance

NASDAQ FTRE opened at $5.45 on Friday. The stock has a market capitalization of $493.23 million, a P/E ratio of -0.62, a P/E/G ratio of 0.37 and a beta of 1.59. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $28.41. The business’s fifty day moving average is $5.21 and its two-hundred day moving average is $11.47. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 0.97.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. The company had revenue of $651.30 million for the quarter, compared to analysts’ expectations of $609.63 million. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FTRE. The Goldman Sachs Group decreased their price target on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, May 14th. Citigroup restated a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. Robert W. Baird set a $12.00 target price on shares of Fortrea in a research note on Tuesday, March 4th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Cowen restated a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. Two equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.00.

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.