Fortrea Holdings Inc. $FTRE Shares Purchased by Assetmark Inc.

Assetmark Inc. boosted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 97.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 102,364 shares of the company’s stock after purchasing an additional 50,635 shares during the quarter. Assetmark Inc. owned approximately 0.11% of Fortrea worth $506,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FTRE. Vanguard Group Inc. grew its position in shares of Fortrea by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock worth $75,147,000 after buying an additional 69,005 shares in the last quarter. Corvex Management LP lifted its stake in Fortrea by 28.6% in the first quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock worth $33,785,000 after acquiring an additional 994,000 shares during the last quarter. Millennium Management LLC grew its holdings in Fortrea by 1,625.8% during the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock worth $26,419,000 after acquiring an additional 3,296,461 shares in the last quarter. Deutsche Bank AG increased its position in shares of Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock valued at $8,796,000 after purchasing an additional 1,158,345 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Fortrea by 181.9% in the 1st quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock valued at $8,269,000 after purchasing an additional 706,779 shares in the last quarter.

Insider Activity at Fortrea

In other news, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the sale, the chief financial officer owned 58,770 shares in the company, valued at approximately $601,217.10. This represents a 5.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter M. Neupert purchased 32,500 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was bought at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the transaction, the director directly owned 98,132 shares in the company, valued at $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 10,311 shares of company stock worth $94,635 in the last 90 days. 0.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FTRE shares. Jefferies Financial Group boosted their target price on shares of Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research note on Tuesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a report on Wednesday, October 8th. Wall Street Zen cut Fortrea from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Barclays raised their target price on Fortrea from $8.00 to $10.00 and gave the stock an “underweight” rating in a research report on Thursday. Finally, Evercore ISI set a $14.00 target price on Fortrea in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.17.

Fortrea Stock Up 2.1%

Shares of NASDAQ FTRE opened at $11.25 on Friday. The business has a 50-day moving average price of $10.06 and a 200 day moving average price of $7.30. The stock has a market cap of $1.04 billion, a PE ratio of -1.00, a price-to-earnings-growth ratio of 0.52 and a beta of 1.86. The company has a quick ratio of 1.02, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $25.28.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The firm had revenue of $701.30 million during the quarter, compared to analysts’ expectations of $643.43 million. Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. Fortrea has set its FY 2025 guidance at EPS. Equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Fortrea 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.