Thrivent Financial for Lutherans lowered its position in Fortrea Holdings Inc. (NASDAQ:FTRE – Free Report) by 3.7% in the second quarter, HoldingsChannel reports. The firm owned 74,215 shares of the company’s stock after selling 2,821 shares during the period. Thrivent Financial for Lutherans’ holdings in Fortrea were worth $1,732,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Corient Private Wealth LLC acquired a new position in Fortrea during the fourth quarter worth $615,000. Orion Portfolio Solutions LLC acquired a new stake in shares of Fortrea in the fourth quarter valued at $543,000. Hsbc Holdings PLC acquired a new stake in shares of Fortrea in the fourth quarter valued at $3,970,000. Parallel Advisors LLC acquired a new stake in shares of Fortrea in the fourth quarter valued at $36,000. Finally, Treasurer of the State of North Carolina acquired a new stake in Fortrea in the fourth quarter valued at $1,370,000.
Fortrea Stock Performance
Shares of FTRE stock opened at $19.15 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. The company’s 50-day simple moving average is $22.90 and its 200-day simple moving average is $27.96. Fortrea Holdings Inc. has a one year low of $18.07 and a one year high of $41.02. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -13.78, a PEG ratio of 2.21 and a beta of 0.56.
Analysts Set New Price Targets
A number of research firms have weighed in on FTRE. The Goldman Sachs Group started coverage on Fortrea in a research note on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price target on the stock. Deutsche Bank Aktiengesellschaft lowered their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Evercore ISI lowered Fortrea from an “outperform” rating to an “in-line” rating and lowered their price objective for the company from $31.00 to $27.00 in a report on Thursday, August 8th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. Finally, TD Cowen lowered their price objective on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. One investment 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 stock. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $24.90.
Check Out Our Latest Analysis on FTRE
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.
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