Envestnet Asset Management Inc. Has $3.87 Million Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Envestnet Asset Management Inc. lessened its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 22.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 165,992 shares of the company’s stock after selling 47,183 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.19% of Fortrea worth $3,874,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Keeley Teton Advisors LLC grew its position in Fortrea by 2.7% in the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock valued at $572,000 after purchasing an additional 370 shares in the last quarter. Financial Counselors Inc. increased its position in shares of Fortrea by 0.4% in the first quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock valued at $3,808,000 after acquiring an additional 395 shares during the last quarter. CWM LLC increased its position in shares of Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after acquiring an additional 475 shares during the last quarter. Concord Wealth Partners raised its holdings in Fortrea by 152.8% during the first 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. Finally, ProShare Advisors LLC boosted its position in Fortrea by 6.9% during the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock valued at $328,000 after purchasing an additional 524 shares during the last quarter.

Fortrea Trading Down 2.5 %

NASDAQ:FTRE opened at $19.15 on Thursday. Fortrea Holdings Inc. has a 1 year low of $18.07 and a 1 year high of $41.02. The stock’s fifty day moving average price is $22.90 and its two-hundred day moving average price is $27.96. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The company has a market cap of $1.71 billion, a P/E ratio of -13.78, a P/E/G ratio of 2.21 and a beta of 0.56.

Fortrea (NASDAQ:FTRE) last announced its quarterly 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 firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, analysts expect that Fortrea Holdings Inc. will post 0.6 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTRE. TD Cowen cut their price target on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Bank of America reduced their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft dropped their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Finally, Citigroup dropped their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus 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.