Fox Run Management L.L.C. Invests $302,000 in Fortrea Holdings Inc. (NASDAQ:FTRE)

Fox Run Management L.L.C. acquired a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,170 shares of the company’s stock, valued at approximately $302,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTRE. Cullen Frost Bankers Inc. increased its stake in shares of Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,361 shares during the last quarter. AlphaQuest LLC bought a new position in Fortrea during the fourth quarter valued at about $117,000. Whalen Wealth Management Inc. acquired a new stake in shares of Fortrea in the fourth quarter worth about $204,000. Verition Fund Management LLC bought a new stake in shares of Fortrea during the 3rd quarter worth about $220,000. Finally, Centiva Capital LP acquired a new position in shares of Fortrea during the 3rd quarter valued at about $220,000.

Insider Activity at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 over the last quarter. 0.12% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays reduced their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group lowered their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Evercore ISI cut their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus price target of $19.00.

Fortrea Trading Down 1.1 %

Fortrea stock opened at $8.36 on Friday. Fortrea Holdings Inc. has a 12 month low of $8.16 and a 12 month high of $40.63. The stock has a market cap of $754.07 million, a price-to-earnings ratio of -2.44, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The business has a 50 day moving average price of $13.59 and a two-hundred day moving average price of $17.57. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same quarter in the prior year, the firm earned $0.19 EPS. As a group, equities analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current 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.