Marks Group Wealth Management Inc Boosts Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Marks Group Wealth Management Inc grew its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 16.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,000 shares of the company’s stock after purchasing an additional 2,000 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Fortrea were worth $261,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FTRE. Hara Capital LLC purchased a new stake in Fortrea during the third quarter worth about $29,000. Covestor Ltd grew its position in shares of Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after acquiring an additional 1,398 shares during the period. Raleigh Capital Management Inc. purchased a new stake in shares of Fortrea during the 3rd quarter worth approximately $57,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after purchasing an additional 572 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in Fortrea by 26.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after purchasing an additional 1,917 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have issued reports on FTRE. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Barclays increased their target price on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $28.00 to $25.00 in a research report on Friday, December 6th. Finally, Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, Fortrea currently has an average rating of “Hold” and a consensus target price of $23.30.

Insider Buying and Selling

In related news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.12% of the stock is currently owned by company insiders.

Fortrea Stock Down 2.5 %

Shares of NASDAQ:FTRE opened at $14.69 on Thursday. The firm has a fifty day moving average price of $18.30 and a two-hundred day moving average price of $20.09. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -4.30, a PEG ratio of 1.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a one year low of $14.27 and a one year high of $41.02.

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.