191,992 Shares in Fortrea Holdings Inc. $FTRE Acquired by HBK Investments L P

HBK Investments L P bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 191,992 shares of the company’s stock, valued at approximately $1,450,000. HBK Investments L P owned 0.21% of Fortrea as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Fortrea in the fourth quarter valued at $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea during the 4th quarter valued at about $35,000. Janus Henderson Group PLC grew its position in Fortrea by 4.9% in the 4th quarter. Janus Henderson Group PLC now owns 43,298 shares of the company’s stock valued at $809,000 after acquiring an additional 2,006 shares in the last quarter. Quarry LP increased its stake in Fortrea by 73.4% during the first quarter. Quarry LP now owns 7,567 shares of the company’s stock worth $57,000 after purchasing an additional 3,202 shares during the period. Finally, Brooklyn Investment Group increased its stake in Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after purchasing an additional 3,831 shares during the period.

Fortrea Stock Up 2.1%

FTRE opened at $9.85 on Monday. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $25.28. The business has a 50 day moving average price of $6.36 and a two-hundred day moving average price of $7.07. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The company has a market cap of $894.38 million, a PE ratio of -0.87 and a beta of 1.88.

Fortrea (NASDAQ:FTRE) last released its earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%.The business had revenue of $710.30 million for the quarter, compared to analyst estimates of $631.61 million. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FTRE shares. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $7.00 to $9.00 in a research note on Monday, August 4th. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Cowen restated a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. Mizuho reduced their price objective on Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday, July 11th. Finally, Evercore ISI raised their target price on shares of Fortrea from $5.00 to $7.00 and gave the stock an “in-line” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.22.

Insider Buying and Selling at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the transaction, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. This represents a 8.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter M. Neupert bought 32,500 shares of the stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, the director owned 98,132 shares of the company’s stock, valued at approximately $614,306.32. This represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 10,207 shares of company stock worth $61,325 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

About Fortrea

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.