Versor Investments LP Buys 14,741 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Versor Investments LP lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 113.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,713 shares of the company’s stock after purchasing an additional 14,741 shares during the quarter. Versor Investments LP’s holdings in Fortrea were worth $647,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. nVerses Capital LLC bought a new position in Fortrea during the second quarter valued at $26,000. Gladius Capital Management LP purchased a new position in shares of Fortrea during the 2nd quarter worth about $30,000. Concord Wealth Partners grew its holdings in Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares during the last quarter. Blue Trust Inc. raised its position in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after purchasing an additional 1,434 shares during the period. Finally, Parallel Advisors LLC bought a new stake in Fortrea in the fourth quarter worth about $36,000.

Insider Activity at Fortrea

In other news, General Counsel James S. Hanson acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now owns 7,475 shares of the company’s stock, valued at $189,117.50. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.12% of the stock is owned by insiders.

Fortrea Stock Performance

Shares of NASDAQ:FTRE opened at $22.15 on Wednesday. The firm has a 50 day moving average of $24.31 and a 200 day moving average of $30.21. 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 company has a market capitalization of $1.98 billion and a price-to-earnings ratio of -15.94. Fortrea Holdings Inc. has a 52 week low of $18.07 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (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 during the quarter, compared to analysts’ expectations of $689.08 million. During the same period in the previous year, the firm earned $0.52 EPS. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on FTRE. Deutsche Bank Aktiengesellschaft cut their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. Barclays reduced their target price on Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a research note 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 price target on the stock. Citigroup decreased their price objective 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. Finally, Evercore ISI downgraded shares of Fortrea from an “outperform” rating to an “in-line” rating and dropped their target price for the stock from $31.00 to $27.00 in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortrea has a consensus rating of “Hold” and an average price target of $27.20.

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.