Sequoia Financial Advisors LLC Acquires 1,802 Shares of Fortrea Holdings Inc. $FTRE

Sequoia Financial Advisors LLC lifted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 1.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 176,159 shares of the company’s stock after purchasing an additional 1,802 shares during the period. Sequoia Financial Advisors LLC owned about 0.19% of Fortrea worth $870,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Brooklyn Investment Group boosted its position in Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after buying an additional 3,831 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Fortrea during the first quarter valued at about $39,000. waypoint wealth counsel bought a new position in shares of Fortrea during the second quarter valued at about $53,000. Quarry LP grew its stake in shares of Fortrea by 73.4% during the first quarter. Quarry LP now owns 7,567 shares of the company’s stock valued at $57,000 after buying an additional 3,202 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new position in shares of Fortrea during the second quarter valued at about $57,000.

Insider Activity

In other Fortrea news, Director Erin L. Russell purchased 9,854 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was bought at an average cost of $10.15 per share, with a total value of $100,018.10. Following the transaction, the director directly owned 9,854 shares in the company, valued at approximately $100,018.10. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average cost of $6.26 per share, with a total value of $203,450.00. Following the completion of the transaction, the director owned 98,132 shares in the company, valued at $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FTRE shares. Mizuho raised their price objective on Fortrea from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday. Barclays raised their price objective on Fortrea from $6.00 to $8.00 and gave the company an “underweight” rating in a research note on Thursday, October 2nd. Wall Street Zen raised shares of Fortrea from a “hold” rating to a “buy” rating in a research report on Sunday. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Finally, Zacks Research raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $12.39.

Fortrea Trading Down 0.7%

Shares of FTRE opened at $9.45 on Friday. The firm’s 50-day moving average price is $9.34 and its 200-day moving average price is $6.78. The firm has a market capitalization of $858.06 million, a price-to-earnings ratio of -0.83 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. Fortrea Holdings Inc. has a 1-year low of $3.97 and a 1-year high of $25.28.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. The firm had revenue of $693.90 million for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. Sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current 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.