U.S. Capital Wealth Advisors LLC Makes New Investment in Fortrea Holdings Inc. $FTRE

U.S. Capital Wealth Advisors LLC bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 11,610 shares of the company’s stock, valued at approximately $57,000.

Other hedge funds have also recently bought and sold shares of the company. Brooklyn Investment Group raised its holdings in Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after buying an additional 3,831 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Fortrea during the 1st quarter worth approximately $39,000. Quarry LP raised its holdings in shares of Fortrea by 73.4% in the first quarter. Quarry LP now owns 7,567 shares of the company’s stock valued at $57,000 after purchasing an additional 3,202 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Fortrea by 736.6% in the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock valued at $59,000 after purchasing an additional 6,909 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Fortrea in the first quarter valued at approximately $65,000.

Fortrea Price Performance

Shares of FTRE opened at $8.68 on Friday. The company has a market cap of $788.14 million, a price-to-earnings ratio of -0.76 and a beta of 1.91. Fortrea Holdings Inc. has a 1-year low of $3.97 and a 1-year high of $25.28. The company’s fifty day simple moving average is $8.37 and its 200 day simple moving average is $6.70. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87.

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

Insiders Place Their Bets

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea 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 directly owned 54,770 shares of the company’s stock, valued at $438,707.70. The trade was a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Erin L. Russell acquired 9,854 shares of Fortrea stock in a transaction on Tuesday, September 2nd. The shares were bought at an average cost of $10.15 per share, with a total value of $100,018.10. Following the completion of the transaction, the director owned 9,854 shares of the company’s stock, valued at approximately $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. Company insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FTRE shares. Evercore ISI lifted their price objective on shares of Fortrea from $5.00 to $7.00 and gave the company an “in-line” rating in a report on Friday, August 8th. Barclays reiterated an “underweight” rating and issued a $6.00 price objective (up from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, August 4th. Wall Street Zen upgraded shares of Fortrea from a “hold” rating to a “buy” rating in a report on Friday. Finally, Mizuho lowered their price objective on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.50.

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.