State of Alaska Department of Revenue Sells 730 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

State of Alaska Department of Revenue trimmed its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 1.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,979 shares of the company’s stock after selling 730 shares during the period. State of Alaska Department of Revenue’s holdings in Fortrea were worth $950,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTRE. Hara Capital LLC bought a new position in Fortrea during the third quarter valued at about $29,000. Covestor Ltd increased its stake in Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after acquiring an additional 1,398 shares during the period. Raleigh Capital Management Inc. acquired a new stake in Fortrea during the third quarter valued at approximately $57,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Fortrea by 26.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after purchasing an additional 1,917 shares during the period.

Fortrea Stock Performance

FTRE opened at $14.98 on Friday. The business’s 50-day moving average price is $18.13 and its two-hundred day moving average price is $20.05. Fortrea Holdings Inc. has a 1 year low of $14.27 and a 1 year high of $41.02. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -4.38, a P/E/G ratio of 1.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Barclays increased 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. Finally, Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and cut their price target for the company from $28.00 to $25.00 in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Fortrea currently has a consensus rating of “Hold” and an average target price of $23.30.

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 transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 12,386 shares of company stock worth $219,751 in the last quarter. Corporate insiders own 0.12% of the company’s stock.

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.