Victory Capital Management Inc. Trims Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Victory Capital Management Inc. cut its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 46.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,330,657 shares of the company's stock after selling 1,135,524 shares during the quarter. Victory Capital Management Inc. owned 1.49% of Fortrea worth $26,613,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in shares of Fortrea during the second quarter valued at $26,000. Gladius Capital Management LP bought a new stake in shares of Fortrea in the second quarter worth approximately $30,000. Hara Capital LLC bought a new stake in shares of Fortrea in the third quarter worth approximately $29,000. Blue Trust Inc. raised its holdings in shares of Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock valued at $35,000 after purchasing an additional 1,434 shares during the last quarter. Finally, Covestor Ltd lifted its position in Fortrea by 420.8% during the first quarter. Covestor Ltd now owns 2,083 shares of the company's stock valued at $84,000 after purchasing an additional 1,683 shares during the period.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Citigroup lowered their price target on Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 13th. The Goldman Sachs Group lowered their target price on Fortrea from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Tuesday, October 8th. Bank of America reduced their price target on shares of Fortrea from $26.00 to $21.00 and set an "underperform" rating for the company in a research report on Tuesday, August 13th. Evercore ISI lowered their price objective on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating on the stock in a research note on Tuesday, October 8th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $24.50.

Fortrea Price Performance

FTRE stock traded down $0.48 during midday trading on Monday, hitting $18.86. The company's stock had a trading volume of 773,861 shares, compared to its average volume of 1,296,230. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -5.51, a price-to-earnings-growth ratio of 2.92 and a beta of 0.70. The company has a quick ratio of 1.19, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 12 month low of $16.53 and a 12 month high of $41.02. The company has a 50 day moving average of $19.63 and a two-hundred day moving average of $23.31.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to analysts' expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. On average, analysts expect that Fortrea Holdings Inc. will post 0.57 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.