Trexquant Investment LP Takes Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Trexquant Investment LP bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 247,763 shares of the company’s stock, valued at approximately $4,621,000.

A number of other large investors have also recently bought and sold shares of FTRE. Cullen Frost Bankers Inc. lifted its stake in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,361 shares during the period. AlphaQuest LLC purchased a new stake in Fortrea in the fourth quarter valued at $117,000. Whalen Wealth Management Inc. acquired a new stake in Fortrea during the 4th quarter worth about $204,000. Summit Securities Group LLC purchased a new position in shares of Fortrea during the 4th quarter valued at about $205,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Fortrea by 21.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after buying an additional 1,986 shares during the period.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 13,029 shares of company stock worth $226,168 in the last ninety days. Insiders own 0.12% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group dropped their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Evercore ISI dropped their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat, Fortrea has an average rating of “Hold” and an average price target of $19.00.

Fortrea Stock Performance

NASDAQ FTRE opened at $6.46 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The stock’s 50 day simple moving average is $12.28 and its 200-day simple moving average is $16.97. The company has a market cap of $582.69 million, a PE ratio of -1.89, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10. Fortrea Holdings Inc. has a 1-year low of $6.10 and a 1-year high of $40.57.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data 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). The firm had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter in the previous year, the business posted $0.19 EPS. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

About Fortrea

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.