NorthRock Partners LLC Takes Position in Fortrea Holdings Inc. $FTRE

NorthRock Partners LLC bought a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 13,657 shares of the company’s stock, valued at approximately $67,000.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of Fortrea by 6,216.1% in the first quarter. GAMMA Investing LLC now owns 59,245 shares of the company’s stock worth $447,000 after purchasing an additional 58,307 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Fortrea in the 1st quarter worth approximately $119,000. Sequoia Financial Advisors LLC bought a new position in Fortrea in the 1st quarter worth approximately $1,316,000. Allspring Global Investments Holdings LLC increased its position in Fortrea by 56.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock worth $122,000 after buying an additional 6,270 shares during the period. Finally, Teacher Retirement System of Texas bought a new position in Fortrea in the 1st quarter worth approximately $94,000.

Insiders Place Their Bets

In other Fortrea news, Director Erin L. Russell purchased 9,854 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were acquired at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the transaction, the director directly owned 9,854 shares in the company, valued at approximately $100,018.10. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total value of $32,285.88. Following the sale, the chief financial officer owned 58,770 shares in the company, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company’s stock.

Fortrea Trading Down 0.7%

FTRE stock opened at $9.45 on Friday. Fortrea Holdings Inc. has a 1-year low of $3.97 and a 1-year high of $25.28. The firm has a market cap of $858.06 million, a P/E ratio of -0.83 and a beta of 1.81. The business’s 50 day moving average is $9.34 and its 200-day moving average is $6.79. 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 posted its earnings results on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The business had revenue of $693.90 million for the quarter. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FTRE. Robert W. Baird boosted their target price on shares of Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 3rd. Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Barclays boosted their price objective on shares of Fortrea from $6.00 to $8.00 and gave the stock an “underweight” rating in a report on Thursday, October 2nd. Zacks Research upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Finally, Citigroup restated a “neutral” rating on shares of Fortrea in a research report on Tuesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus price target of $12.39.

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.