Fortrea Holdings Inc. $FTRE Holdings Lifted by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 276.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,021 shares of the company’s stock after buying an additional 40,396 shares during the quarter. Hsbc Holdings PLC owned 0.06% of Fortrea worth $415,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted 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 valued at $59,000 after purchasing an additional 6,909 shares during the last quarter. Allspring Global Investments Holdings LLC lifted 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 valued at $122,000 after purchasing an additional 6,270 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Fortrea during the first quarter valued at $119,000. Ameriprise Financial Inc. lifted its holdings in shares of Fortrea by 54.8% during the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company’s stock valued at $9,356,000 after purchasing an additional 177,608 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Fortrea by 960.3% during the first quarter. SG Americas Securities LLC now owns 129,318 shares of the company’s stock valued at $976,000 after purchasing an additional 117,122 shares during the last quarter.

Insider Transactions at Fortrea

In other news, Director Peter M. Neupert purchased 32,500 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was bought at an average cost of $6.26 per share, with a total value of $203,450.00. Following the purchase, the director directly owned 98,132 shares of the company’s stock, valued at approximately $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Jill G. Mcconnell sold 4,886 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value of $39,136.86. Following the sale, the chief financial officer directly owned 54,770 shares of the company’s stock, valued at $438,707.70. This trade represents a 8.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is owned by company insiders.

Fortrea Stock Up 1.6%

Shares of Fortrea stock opened at $10.01 on Wednesday. The stock has a 50-day moving average price of $6.55 and a 200 day moving average price of $7.06. The company has a market cap of $908.91 million, a P/E ratio of -0.88 and a beta of 1.91. 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 1 year low of $3.97 and a 1 year high of $25.28.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.13. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%.The company had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. As a group, analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FTRE. Robert W. Baird raised Fortrea from a “neutral” rating to an “outperform” rating and upped their target price for the company from $7.00 to $9.00 in a report on Monday, August 4th. Barclays reaffirmed an “underweight” rating and set a $6.00 target price (up from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Cowen reissued a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. The Goldman Sachs Group reduced their price objective on Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. Finally, Citigroup reissued a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and a consensus target price of $12.22.

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.