Magnetar Financial LLC decreased its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 80.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 117,529 shares of the company's stock after selling 486,849 shares during the period. Magnetar Financial LLC owned approximately 0.13% of Fortrea worth $2,192,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. lifted its holdings in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after acquiring an additional 1,361 shares in the last quarter. AlphaQuest LLC bought a new position in shares of Fortrea during the 4th quarter valued at about $117,000. Whalen Wealth Management Inc. acquired a new position in shares of Fortrea in the 4th quarter valued at approximately $204,000. Allspring Global Investments Holdings LLC increased its stake in Fortrea by 21.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock worth $207,000 after purchasing an additional 1,986 shares in the last quarter. Finally, Centiva Capital LP acquired a new stake in Fortrea during the 3rd quarter worth approximately $220,000.
Analyst Upgrades and Downgrades
FTRE has been the subject of several recent research reports. Citigroup cut Fortrea from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. The Goldman Sachs Group lowered their price target on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Evercore ISI reduced their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research note on Tuesday, March 4th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Barclays reduced their price target on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $19.00.
Get Our Latest Report on Fortrea
Insider Activity
In other news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 13,029 shares of company stock worth $226,168. Corporate insiders own 0.12% of the company's stock.
Fortrea Stock Performance
NASDAQ FTRE traded down $0.66 on Tuesday, reaching $8.74. The stock had a trading volume of 1,726,331 shares, compared to its average volume of 1,442,169. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $788.35 million, a P/E ratio of -2.56, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The firm has a fifty day moving average of $14.14 and a two-hundred day moving average of $17.78. Fortrea Holdings Inc. has a 1-year low of $8.65 and a 1-year high of $40.63.
Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS 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 business had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same quarter last year, the company posted $0.19 earnings per share. On average, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.
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.
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