Marks Group Wealth Management Inc Acquires 11,000 Shares of Fortrea Holdings Inc. $FTRE

Marks Group Wealth Management Inc boosted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 78.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,000 shares of the company’s stock after purchasing an additional 11,000 shares during the period. Marks Group Wealth Management Inc’s holdings in Fortrea were worth $124,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock valued at $59,000 after acquiring an additional 6,909 shares during the period. Allspring Global Investments Holdings LLC boosted its stake 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 period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Fortrea during the first quarter valued at approximately $575,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Fortrea in the first quarter worth approximately $119,000. Finally, AQR Capital Management LLC increased its stake in shares of Fortrea by 181.9% in the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock worth $8,269,000 after buying an additional 706,779 shares during the period.

Fortrea Stock Performance

Shares of Fortrea stock opened at $9.59 on Tuesday. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28. The firm has a market capitalization of $870.77 million, a P/E ratio of -0.84 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 business has a fifty day simple moving average of $8.73 and a two-hundred day simple moving average of $6.67.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on FTRE shares. Mizuho dropped their price target on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, July 11th. Jefferies Financial Group raised their target price on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research note on Tuesday, September 9th. Evercore ISI upped their price target on Fortrea from $5.00 to $7.00 and gave the company an “in-line” rating in a research report on Friday, August 8th. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Finally, Robert W. Baird boosted their target price on Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Fortrea currently has an average rating of “Hold” and a consensus target price of $11.72.

Insider Activity

In other news, CFO Jill G. Mcconnell sold 4,886 shares of the business’s stock in a transaction that occurred on 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. The trade was a 8.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter M. Neupert acquired 32,500 shares of Fortrea stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average cost of $6.26 per share, with a total value of $203,450.00. Following the transaction, the director owned 98,132 shares in the company, valued at $614,306.32. This represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 72,354 shares of company stock worth $507,168 and sold 10,311 shares worth $94,635. Company insiders own 0.38% of the company’s stock.

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.