Commonwealth Equity Services LLC Reduces Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Commonwealth Equity Services LLC lessened its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 6.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 11,032 shares of the company’s stock after selling 817 shares during the period. Commonwealth Equity Services LLC’s holdings in Fortrea were worth $257,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Concord Wealth Partners raised its stake in Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after acquiring an additional 521 shares in the last quarter. Parallel Advisors LLC acquired a new stake in shares of Fortrea during the fourth quarter worth about $36,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Fortrea in the 4th quarter valued at about $40,000. Gladius Capital Management LP acquired a new stake in shares of Fortrea in the 2nd quarter valued at about $30,000. Finally, Blue Trust Inc. grew its stake in Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares during the last quarter.

Fortrea Stock Down 1.3 %

FTRE opened at $22.21 on Wednesday. The business has a 50 day simple moving average of $23.55 and a 200-day simple moving average of $28.62. Fortrea Holdings Inc. has a 12 month low of $18.07 and a 12 month high of $41.02. The stock has a market capitalization of $1.99 billion, a P/E ratio of -15.98, a P/E/G ratio of 2.02 and a beta of 0.56. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FTRE shares. Deutsche Bank Aktiengesellschaft decreased their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. The Goldman Sachs Group initiated coverage on shares of Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 price target for the company. Evercore ISI lowered shares of Fortrea from an “outperform” rating to an “in-line” rating and dropped their price objective for the company from $31.00 to $27.00 in a research note on Thursday, August 8th. Barclays decreased their target price on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 13th. Finally, TD Cowen dropped their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $27.20.

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.