EverSource Wealth Advisors LLC Lowers Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

EverSource Wealth Advisors LLC cut its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 29.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,420 shares of the company’s stock after selling 594 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Fortrea were worth $33,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FTRE. nVerses Capital LLC purchased a new stake in shares of Fortrea during the second quarter worth about $26,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea during the second quarter worth about $30,000. Concord Wealth Partners grew its holdings in shares of Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares in the last quarter. Blue Trust Inc. grew 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 worth $35,000 after buying an additional 1,434 shares in the last quarter. Finally, Parallel Advisors LLC purchased a new stake in shares of Fortrea during the fourth quarter worth about $36,000.

Fortrea Trading Up 0.2 %

Shares of FTRE stock opened at $19.84 on Friday. The firm’s 50 day moving average price is $23.15 and its two-hundred day moving average price is $28.31. Fortrea Holdings Inc. has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -14.27, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. During the same period in the previous year, the firm posted $0.52 earnings per share. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.6 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Citigroup lowered their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Bank of America lowered their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. The Goldman Sachs Group assumed coverage on shares of Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price for the company. Robert W. Baird lowered their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a report on Tuesday, August 13th. Finally, Evercore ISI downgraded shares of Fortrea from an “outperform” rating to an “in-line” rating and lowered their target price for the company from $31.00 to $27.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.90.

Fortrea 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.