Commerce Bank Increases Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Commerce Bank grew its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 75.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,962 shares of the company’s stock after purchasing an additional 10,705 shares during the period. Commerce Bank’s holdings in Fortrea were worth $499,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTRE. nVerses Capital LLC bought a new stake in Fortrea in the 2nd quarter worth approximately $26,000. Hara Capital LLC bought a new stake in shares of Fortrea in the 3rd quarter worth approximately $29,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea in the 2nd quarter valued at $30,000. Blue Trust Inc. grew its holdings in shares of Fortrea by 2,515.8% during the 2nd 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, University of Texas Texas AM Investment Management Co. raised its position in Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after purchasing an additional 1,250 shares during the period.

Fortrea Trading Down 1.0 %

NASDAQ:FTRE opened at $20.69 on Wednesday. The company has a 50-day moving average price of $19.51 and a 200-day moving average price of $22.72. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -6.05, a P/E/G ratio of 2.98 and a beta of 0.70. The company has a current ratio of 1.18, a quick 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.

Fortrea (NASDAQ:FTRE) last issued 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 during the quarter, compared to analysts’ expectations of $674.86 million. During the same quarter last year, the business earned $0.24 earnings per share. The business’s quarterly revenue was down 5.4% on a year-over-year basis. Equities analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Analysts Set New Price Targets

FTRE has been the topic of a number of recent research reports. The Goldman Sachs Group reduced their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. TD Cowen lifted their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Barclays boosted their price objective on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft cut their target price 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. Finally, Evercore ISI dropped their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.