Marks Group Wealth Management Inc Boosts Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Marks Group Wealth Management Inc lifted its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 16.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,000 shares of the company’s stock after buying an additional 2,000 shares during the period. Marks Group Wealth Management Inc’s holdings in Fortrea were worth $261,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FTRE. Hara Capital LLC bought a new position in Fortrea during the third quarter valued at approximately $29,000. Covestor Ltd boosted its stake in shares of Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares in the last quarter. Raleigh Capital Management Inc. bought a new position in shares of Fortrea during the 3rd quarter valued at $57,000. Mirae Asset Global Investments Co. Ltd. raised its position in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after purchasing an additional 572 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in Fortrea by 26.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock worth $182,000 after purchasing an additional 1,917 shares during the last quarter.

Fortrea Stock Down 2.5 %

Shares of NASDAQ FTRE opened at $14.69 on Thursday. The firm has a fifty day simple moving average of $18.30 and a two-hundred day simple moving average of $20.09. Fortrea Holdings Inc. has a 12 month low of $14.27 and a 12 month high of $41.02. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $1.32 billion, a PE ratio of -4.30, a price-to-earnings-growth ratio of 1.76 and a beta of 1.20.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FTRE shares. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th. Barclays boosted 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. Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. TD Cowen lifted their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $23.30.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.12% of the stock is owned by corporate insiders.

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.