11,000 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Acquired by Verition Fund Management LLC

Verition Fund Management LLC acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 11,000 shares of the company’s stock, valued at approximately $220,000.

Several other large investors have also modified their holdings of the company. nVerses Capital LLC acquired a new position in shares of Fortrea in the 2nd quarter valued at $26,000. Hara Capital LLC acquired a new position in Fortrea in the third quarter valued at $29,000. Blue Trust Inc. raised its holdings 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 valued at $35,000 after buying an additional 1,434 shares during the last quarter. University of Texas Texas AM Investment Management Co. boosted its stake in shares of Fortrea by 125.0% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after buying an additional 1,398 shares during the last quarter.

Analysts Set New Price Targets

Several analysts have commented on FTRE shares. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th. Barclays upped their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. The Goldman Sachs Group lowered their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. TD Cowen upped their price objective on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.30.

Fortrea Stock Down 1.3 %

Shares of NASDAQ FTRE opened at $20.00 on Monday. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -5.85, a price-to-earnings-growth ratio of 2.94 and a beta of 1.16. Fortrea Holdings Inc. has a 52 week low of $16.53 and a 52 week high of $41.02. The firm has a 50-day moving average price of $19.65 and a 200 day moving average price of $22.16. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (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 for the quarter, compared to analyst estimates of $674.86 million. During the same quarter in the previous year, the business posted $0.24 earnings per share. Fortrea’s revenue was down 5.4% on a year-over-year basis. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

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.