Magnetar Financial LLC Increases Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Magnetar Financial LLC boosted its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 228.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,985,854 shares of the company’s stock after purchasing an additional 1,381,489 shares during the period. Magnetar Financial LLC owned about 2.22% of Fortrea worth $46,350,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Concord Wealth Partners grew its stake in Fortrea by 152.8% in the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after acquiring an additional 521 shares during the period. Parallel Advisors LLC purchased a new stake in shares of Fortrea in the fourth quarter valued at $36,000. nVerses Capital LLC acquired a new position in Fortrea in the second quarter valued at $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in Fortrea during the fourth quarter worth about $40,000. Finally, Evermay Wealth Management LLC acquired a new stake in Fortrea in the 4th quarter worth about $44,000.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $23.90 on Monday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -17.19, a price-to-earnings-growth ratio of 2.02 and a beta of 0.56. Fortrea Holdings Inc. has a twelve month low of $18.07 and a twelve month high of $41.02. The business has a 50 day simple moving average of $23.75 and a 200-day simple moving average of $28.82.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. During the same period last year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 0.6 earnings per share for the current year.

Analyst Ratings Changes

FTRE has been the subject of a number of research analyst reports. Bank of America dropped their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. Mizuho began coverage on Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price target for the company. Barclays reduced their price objective on Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus target price of $27.20.

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.