waypoint wealth counsel Acquires Shares of 10,728 Fortrea Holdings Inc. $FTRE

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

A number of other large investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings in shares of Fortrea by 736.6% during the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock worth $59,000 after purchasing an additional 6,909 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Fortrea by 56.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock worth $122,000 after purchasing an additional 6,270 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Fortrea during the first quarter worth $575,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Fortrea during the first quarter worth $119,000. Finally, AQR Capital Management LLC raised its holdings in shares of Fortrea by 181.9% during the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock worth $8,269,000 after purchasing an additional 706,779 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FTRE. Jefferies Financial Group increased their target price on shares of Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. Zacks Research raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, August 4th. Wall Street Zen cut shares of Fortrea from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Evercore ISI increased their target price on shares of Fortrea from $7.00 to $11.00 and gave the stock an “in-line” rating in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $12.17.

Fortrea Stock Down 10.0%

Fortrea stock opened at $9.68 on Monday. The stock has a market cap of $878.94 million, a price-to-earnings ratio of -0.85 and a beta of 1.81. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The company’s 50-day moving average price is $9.05 and its two-hundred day moving average price is $6.71. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $25.28.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, May 24th. The company reported $0.37 EPS for the quarter. The firm had revenue of $693.90 million for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. On average, analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling at Fortrea

In related news, Director Erin L. Russell bought 9,854 shares of the stock in a transaction on Tuesday, September 2nd. The shares were purchased at an average price of $10.15 per share, with a total value of $100,018.10. Following the purchase, the director owned 9,854 shares in the company, valued at approximately $100,018.10. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jill G. Mcconnell sold 4,886 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the transaction, the chief financial officer directly owned 54,770 shares in the company, valued at approximately $438,707.70. The trade was a 8.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is 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.