Ables Iannone Moore & Associates Inc. Takes Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Ables Iannone Moore & Associates Inc. bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,150 shares of the company’s stock, valued at approximately $40,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FTRE. Whittier Trust Co. of Nevada Inc. acquired a new position in Fortrea during the fourth quarter worth about $25,000. Whittier Trust Co. acquired a new stake in shares of Fortrea in the fourth quarter valued at approximately $25,000. ZRC Wealth Management LLC acquired a new stake in shares of Fortrea in the fourth quarter valued at approximately $27,000. Allworth Financial LP acquired a new stake in shares of Fortrea in the fourth quarter valued at approximately $28,000. Finally, Glassman Wealth Services acquired a new stake in shares of Fortrea in the fourth quarter valued at approximately $28,000.

Insider Activity

In other news, CEO Thomas Pike purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was acquired at an average cost of $24.81 per share, with a total value of $248,100.00. Following the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Thomas Pike acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average cost of $24.81 per share, with a total value of $248,100.00. Following the acquisition, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel James S. Hanson acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The disclosure for this purchase can be found here. Insiders own 0.12% of the company’s stock.

Analyst Upgrades and Downgrades

FTRE has been the topic of several research reports. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Evercore ISI lowered their price target on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. Bank of America lowered their price target on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a research report on Tuesday, May 14th. Mizuho started coverage on shares of Fortrea in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price target on the stock. Finally, The Goldman Sachs Group started coverage on shares of Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.30.

Fortrea Stock Performance

Shares of FTRE stock opened at $24.06 on Tuesday. The company’s fifty day simple moving average is $31.24 and its 200-day simple moving average is $33.41. Fortrea Holdings Inc. has a 52 week low of $23.63 and a 52 week high of $41.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. The company has a market cap of $2.15 billion and a PE ratio of -17.31.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, May 13th. The company reported ($0.04) EPS for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The business had revenue of $662.10 million during the quarter, compared to analysts’ expectations of $754.58 million. Fortrea’s revenue was down 4.6% on a year-over-year basis. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.75 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.