waypoint wealth counsel Buys New Shares in Fortrea Holdings Inc. $FTRE

waypoint wealth counsel bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 10,728 shares of the company’s stock, valued at approximately $53,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Fortrea by 0.7% in the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock valued at $75,147,000 after purchasing an additional 69,005 shares during the period. Corvex Management LP lifted its position in Fortrea by 28.6% during the first quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock valued at $33,785,000 after buying an additional 994,000 shares in the last quarter. Millennium Management LLC lifted its position in Fortrea by 1,625.8% during the first quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock valued at $26,419,000 after buying an additional 3,296,461 shares in the last quarter. Deutsche Bank AG lifted its position in Fortrea by 17,183.6% during the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock valued at $8,796,000 after buying an additional 1,158,345 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Fortrea by 181.9% during the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock valued at $8,269,000 after buying an additional 706,779 shares in the last quarter.

Insider Activity

In other 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 value of $39,136.86. Following the completion of the transaction, the chief financial officer directly owned 54,770 shares in the company, valued at approximately $438,707.70. This represents a 8.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 price of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the purchase, the director directly owned 9,854 shares in the company, valued at $100,018.10. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 72,354 shares of company stock worth $507,168 and sold 10,311 shares worth $94,635. Insiders own 0.38% of the company’s stock.

Fortrea Price Performance

Shares of FTRE stock opened at $9.68 on Monday. The company has a market capitalization of $878.94 million, a PE ratio of -0.85 and a beta of 1.81. The firm has a fifty day simple moving average of $9.05 and a 200-day simple moving average of $6.71. 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 Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $25.28.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. The business had revenue of $693.90 million during the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTRE has been the topic of a number of recent research reports. Wall Street Zen cut shares of Fortrea from a “buy” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group lifted their price target on shares of Fortrea from $7.00 to $9.50 and gave the company a “hold” rating in a research report on Tuesday, September 9th. Zacks Research raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Finally, Barclays lifted their price target on shares of Fortrea from $6.00 to $8.00 and gave the company an “underweight” rating in a research report on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.17.

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.