XTX Topco Ltd Takes $420,000 Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

XTX Topco Ltd bought a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 17,998 shares of the company’s stock, valued at approximately $420,000.

Several other institutional investors and hedge funds also recently bought and sold shares of FTRE. Concord Wealth Partners increased its position in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares in the last quarter. Parallel Advisors LLC purchased a new position in Fortrea during the fourth quarter valued at approximately $36,000. nVerses Capital LLC purchased a new position in Fortrea during the second quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of Fortrea in the fourth quarter worth approximately $40,000. Finally, Gladius Capital Management LP purchased a new stake in shares of Fortrea in the second quarter worth $30,000.

Fortrea Stock Performance

Fortrea stock opened at $19.48 on Thursday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea Holdings Inc. has a twelve month low of $18.07 and a twelve month high of $41.02. The company’s 50-day moving average price is $23.40 and its 200-day moving average price is $28.55. The company has a market cap of $1.75 billion, a PE ratio of -14.01, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56.

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). The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. On average, equities research analysts forecast that Fortrea Holdings Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of 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 Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 target price for the company. Citigroup lowered their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. TD Cowen cut their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Finally, Bank of America lowered their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have assigned 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 presently has an average rating of “Hold” and a consensus target price of $24.90.

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.