Pacer Advisors Inc. Grows Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Pacer Advisors Inc. boosted its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 5,021,169.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,125,949 shares of the company's stock after purchasing an additional 6,125,827 shares during the period. Pacer Advisors Inc. owned approximately 6.84% of Fortrea worth $122,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in FTRE. Russell Investments Group Ltd. increased its position in shares of Fortrea by 466.0% during the first quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company's stock worth $3,309,000 after acquiring an additional 67,865 shares during the period. ProShare Advisors LLC increased its position in shares of Fortrea by 6.9% during the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company's stock worth $328,000 after acquiring an additional 524 shares during the period. O Shaughnessy Asset Management LLC purchased a new position in Fortrea during the first quarter valued at approximately $496,000. UniSuper Management Pty Ltd purchased a new position in Fortrea during the first quarter valued at approximately $707,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in Fortrea during the first quarter valued at approximately $207,000.

Fortrea Stock Performance

Shares of NASDAQ:FTRE traded up $0.23 on Friday, hitting $19.73. 932,311 shares of the company were exchanged, compared to its average volume of 1,290,135. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The stock's 50 day moving average price is $19.56 and its 200 day moving average price is $23.13. 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 $1.77 billion, a P/E ratio of -5.77, a price-to-earnings-growth ratio of 2.82 and a beta of 0.70.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company's quarterly revenue was down 5.4% on a year-over-year basis. Sell-side analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FTRE. William Blair reissued a "market perform" rating on shares of Fortrea in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating on the stock in a report on Tuesday, August 20th. Bank of America cut their price objective on shares of Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a report on Tuesday, August 13th. Barclays lifted their price objective on shares of Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, November 11th. Finally, Evercore ISI lowered their target price on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $24.50.

Fortrea Company Profile

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.