Assetmark Inc. increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 154.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,395 shares of the company's stock after acquiring an additional 25,157 shares during the quarter. Assetmark Inc.'s holdings in Fortrea were worth $772,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Covestor Ltd boosted its holdings in Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company's stock valued at $55,000 after purchasing an additional 1,398 shares during the period. Whalen Wealth Management Inc. bought a new stake in Fortrea during the fourth quarter valued at $204,000. Verition Fund Management LLC purchased a new position in Fortrea during the third quarter worth about $220,000. Centiva Capital LP bought a new position in Fortrea in the 3rd quarter worth about $220,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Fortrea by 21.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock valued at $207,000 after acquiring an additional 1,986 shares in the last quarter.
Wall Street Analyst Weigh In
FTRE has been the topic of several research analyst reports. Citigroup cut shares of Fortrea from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Evercore ISI decreased their price target on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Barclays reduced their target price on Fortrea from $25.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 4th. Finally, Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $19.00.
View Our Latest Research Report on FTRE
Fortrea Trading Down 1.8 %
NASDAQ FTRE opened at $10.05 on Wednesday. The firm has a market cap of $906.51 million, a PE ratio of -2.94, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea Holdings Inc. has a 1-year low of $9.55 and a 1-year high of $41.02. The stock has a 50-day moving average of $15.82 and a 200-day moving average of $18.60. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.
Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same quarter in the previous year, the firm posted $0.19 EPS. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Thomas Pike sold 11,268 shares of the company's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares of the company's stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 12,386 shares of company stock valued at $219,751 in the last quarter. Insiders own 0.12% of the company's stock.
About Fortrea
(
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Fortrea, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Fortrea wasn't on the list.
While Fortrea currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Discover the 10 Best High-Yield Dividend Stocks for 2025 and secure reliable income in uncertain markets. Download the report now to identify top dividend payers and avoid common yield traps.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
