Whalen Wealth Management Inc. Acquires New Shares in Fortrea Holdings Inc. (NASDAQ:FTRE)

Whalen Wealth Management Inc. bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,954 shares of the company’s stock, valued at approximately $204,000.

Several other hedge funds have also recently bought and sold shares of the business. Hara Capital LLC acquired a new stake in shares of Fortrea in the third quarter worth $29,000. University of Texas Texas AM Investment Management Co. lifted its position in Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after acquiring an additional 1,250 shares during the last quarter. Covestor Ltd boosted its holdings in Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after acquiring an additional 1,398 shares during the period. Raleigh Capital Management Inc. bought a new stake in Fortrea during the third quarter valued at about $57,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during the last quarter.

Fortrea Stock Performance

Shares of FTRE stock opened at $18.50 on Thursday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a fifty day moving average of $19.60 and a 200-day moving average of $21.08. Fortrea Holdings Inc. has a 52-week low of $16.53 and a 52-week high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. On average, equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Ratings Changes

FTRE has been the subject of several recent analyst reports. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and decreased their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Barclays increased their price objective on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. The Goldman Sachs Group dropped their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Evercore ISI cut their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Finally, Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $23.30.

Insider Buying and Selling

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.12% of the stock is owned by corporate insiders.

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.