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

Magnetar Financial LLC lowered its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 80.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 117,529 shares of the company’s stock after selling 486,849 shares during the period. Magnetar Financial LLC owned approximately 0.13% of Fortrea worth $2,192,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FTRE. Janus Henderson Group PLC grew its holdings in Fortrea by 2.0% during the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after acquiring an additional 792 shares in the last quarter. Willis Investment Counsel raised its position in Fortrea by 0.6% during the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after buying an additional 1,138 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares during the last quarter. Financial Counselors Inc. raised its position in Fortrea by 1.4% during the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after buying an additional 1,395 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of Fortrea by 1.0% in the fourth quarter. Swiss National Bank now owns 167,420 shares of the company’s stock valued at $3,122,000 after purchasing an additional 1,600 shares during the period.

Insider Activity

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 13,029 shares of company stock worth $226,168. 0.12% of the stock is owned by corporate insiders.

Fortrea Stock Down 5.3 %

FTRE opened at $8.77 on Friday. Fortrea Holdings Inc. has a 1-year low of $8.77 and a 1-year 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 stock has a market capitalization of $791.05 million, a price-to-earnings ratio of -2.56, a P/E/G ratio of 1.78 and a beta of 1.34. The business has a 50 day moving average of $14.51 and a 200-day moving average of $18.01.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period last year, the business earned $0.19 earnings per share. As a group, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FTRE shares. Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Evercore ISI lowered their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. William Blair restated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group reduced their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.00.

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.