Capital Fund Management S.A. Grows Stake in Fortrea Holdings Inc. $FTRE

Capital Fund Management S.A. boosted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 189.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 451,074 shares of the company’s stock after purchasing an additional 295,421 shares during the quarter. Capital Fund Management S.A. owned about 0.50% of Fortrea worth $2,228,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTRE. Russell Investments Group Ltd. raised its position in shares of Fortrea by 4,516.8% during the second quarter. Russell Investments Group Ltd. now owns 132,595 shares of the company’s stock valued at $655,000 after buying an additional 129,723 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in Fortrea during the second quarter valued at $46,000. Rhumbline Advisers increased its holdings in Fortrea by 28.2% in the 2nd quarter. Rhumbline Advisers now owns 302,023 shares of the company’s stock valued at $1,492,000 after acquiring an additional 66,372 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Fortrea in the 2nd quarter worth $60,000. Finally, Journey Strategic Wealth LLC bought a new position in shares of Fortrea during the 2nd quarter valued at about $50,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group boosted their target price on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research report on Tuesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Wednesday, October 8th. Robert W. Baird upped their price objective on Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Mizuho set a $11.00 target price on Fortrea in a research report on Friday, November 7th. Finally, Wall Street Zen cut shares of Fortrea from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $11.69.

Insider Buying and Selling at Fortrea

In other news, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $32,285.88. Following the sale, the chief financial officer owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. This represents a 5.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 5,425 shares of company stock valued at $55,498 over the last quarter. Corporate insiders own 0.38% of the company’s stock.

Fortrea Price Performance

NASDAQ:FTRE opened at $14.58 on Thursday. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -1.30, a PEG ratio of 0.60 and a beta of 1.76. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50 day simple moving average of $10.57 and a 200-day simple moving average of $8.06. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.05.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). The company had revenue of $701.30 million for 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%. Equities analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS 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.