Fortrea Holdings Inc. $FTRE Shares Purchased by Millennium Management LLC

Millennium Management LLC increased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 1,625.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,499,220 shares of the company’s stock after acquiring an additional 3,296,461 shares during the quarter. Millennium Management LLC’s holdings in Fortrea were worth $26,419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. acquired a new position in Fortrea in the first quarter valued at $9,232,000. Deutsche Bank AG increased its stake in Fortrea by 17,183.6% in the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock valued at $8,796,000 after purchasing an additional 1,158,345 shares during the period. Corvex Management LP increased its stake in Fortrea by 28.6% in the first quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock valued at $33,785,000 after purchasing an additional 994,000 shares during the period. AQR Capital Management LLC increased its stake in Fortrea by 181.9% in the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock valued at $8,269,000 after purchasing an additional 706,779 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in Fortrea in the fourth quarter valued at $7,787,000.

Insider Buying and Selling

In related news, Director Peter M. Neupert acquired 32,500 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were purchased at an average price of $6.26 per share, with a total value of $203,450.00. Following the completion of the acquisition, the director owned 98,132 shares in the company, valued at approximately $614,306.32. This represents a 49.52% 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 3,156 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $32,285.88. Following the sale, the chief financial officer directly owned 58,770 shares in the company, valued at approximately $601,217.10. This represents a 5.10% decrease in their position. The disclosure for this sale can be found here. Over 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 insiders.

Analyst Ratings Changes

A number of research analysts have commented 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 research note on Friday, August 8th. Jefferies Financial Group lifted their price objective on shares of Fortrea from $7.00 to $9.50 and gave the company a “hold” rating in a research note on Tuesday. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 4th. Citigroup reaffirmed a “neutral” rating on shares of Fortrea in a report on Thursday, May 22nd. Finally, Robert W. Baird lifted their target price on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Fortrea has an average rating of “Hold” and a consensus target price of $11.50.

Fortrea Stock Up 2.2%

FTRE stock opened at $10.23 on Friday. The company has a market cap of $928.88 million, a P/E ratio of -0.90 and a beta of 1.91. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $25.28. The company’s 50-day moving average price is $7.30 and its 200 day moving average price is $6.89. 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 released its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. The firm 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 expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Fortrea Company 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.