Fortrea Holdings Inc. $FTRE Shares Sold by Engineers Gate Manager LP

by · The Markets Daily

Engineers Gate Manager LP lessened its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE – Free Report) by 49.5% during the 2nd quarter, Holdings Channel reports. The firm owned 117,456 shares of the company’s stock after selling 115,118 shares during the quarter. Engineers Gate Manager LP’s holdings in Fortrea were worth $2,044,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FTRE. Wellington Management Group LLP purchased a new position in shares of Fortrea during the 2nd quarter worth approximately $41,488,000. Dimensional Fund Advisors LP lifted its stake in Fortrea by 163.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock valued at $12,241,000 after buying an additional 807,081 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Fortrea by 81.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after buying an additional 643,000 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Fortrea during the 1st quarter valued at $2,990,000. Finally, Goldman Sachs Group Inc. grew its holdings in Fortrea by 3.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock valued at $142,702,000 after buying an additional 293,992 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FTRE shares. Citigroup boosted their price target on Fortrea from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, July 31st. TD Cowen increased their price objective on Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a research report on Friday, July 17th. Robert W. Baird set a $23.00 target price on shares of Fortrea in a research note on Thursday, July 30th. Finally, Zacks Research lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $22.00.

Get Our Latest Research Report on Fortrea

Insider Buying and Selling at Fortrea

In other news, CEO Anshul Thakral sold 99,869 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total value of $1,913,490.04. Following the completion of the sale, the chief executive officer owned 316,797 shares of the company’s stock, valued at $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is owned by insiders.

Fortrea Price Performance

Shares of Fortrea stock opened at $19.73 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.98. Fortrea Holdings Inc. has a twelve month low of $8.31 and a twelve month high of $21.39. The stock has a market capitalization of $1.88 billion, a P/E ratio of -21.68, a PEG ratio of 0.42 and a beta of 1.97. The business’s fifty day moving average price is $18.29 and its 200 day moving average price is $14.68.

Fortrea (NASDAQ:FTRE – Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The firm had revenue of $678.20 million during the quarter, compared to the consensus estimate of $647.57 million. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 0.85 earnings per share for the current year.

Fortrea Profile

(Free Report)

Fortrea Holdings Inc (NASDAQ:FTRE) is a global contract research organization (CRO) that provides clinical development and related services to pharmaceutical, biotechnology and medical device companies. The company supports sponsors as they plan, manage and evaluate clinical studies designed to bring new medicines and therapies to market.

Fortrea’s services span clinical trial management, patient recruitment and engagement, data management, biostatistics, medical monitoring, regulatory support and clinical pharmacology.

See Also

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