HBK Investments L P cut its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 14.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 443,875 shares of the company's stock after selling 74,658 shares during the period. HBK Investments L P owned about 0.49% of Fortrea worth $8,878,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. nVerses Capital LLC acquired a new position in shares of Fortrea during the second quarter worth $26,000. Hara Capital LLC bought a new stake in shares of Fortrea in the 3rd quarter valued at about $29,000. Gladius Capital Management LP acquired a new stake in shares of Fortrea in the second quarter valued at about $30,000. Blue Trust Inc. lifted its stake in shares of Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock worth $35,000 after acquiring an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. increased its position in Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company's stock valued at $53,000 after purchasing an additional 1,250 shares during the period.
Fortrea Stock Down 2.3 %
FTRE traded down $0.50 during midday trading on Friday, reaching $21.05. 440,347 shares of the company were exchanged, compared to its average volume of 1,281,839. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company's fifty day moving average price is $19.41 and its 200 day moving average price is $22.62. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -6.30, a price-to-earnings-growth ratio of 3.25 and a beta of 0.70.
Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $674.90 million during the quarter, compared to analysts' expectations of $674.86 million. The company's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. As a group, analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the stock. Barclays upped their price objective on shares of Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, November 11th. William Blair restated a "market perform" rating on shares of Fortrea in a research report on Friday, November 8th. Jefferies Financial Group downgraded Fortrea from a "buy" rating to a "hold" rating and lowered their target price for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Citigroup cut 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. Finally, Evercore ISI dropped their target price on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating on the stock in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $24.50.
Read Our Latest Research Report on Fortrea
Fortrea Company Profile
(
Free Report)
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.
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