Hsbc Holdings PLC Sells 41,194 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Hsbc Holdings PLC reduced its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 81.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 9,195 shares of the company’s stock after selling 41,194 shares during the quarter. Hsbc Holdings PLC’s holdings in Fortrea were worth $215,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FTRE. Sei Investments Co. increased its holdings in shares of Fortrea by 311.2% during the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after acquiring an additional 59,690 shares during the last quarter. Jennison Associates LLC bought a new stake in Fortrea during the first quarter worth approximately $6,560,000. First Eagle Investment Management LLC grew its holdings in Fortrea by 171.6% during the first quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after purchasing an additional 169,882 shares during the last quarter. 13D Management LLC bought a new position in shares of Fortrea in the fourth quarter valued at approximately $4,568,000. Finally, Mutual of America Capital Management LLC lifted its stake in shares of Fortrea by 31.6% in the first quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock worth $14,740,000 after buying an additional 88,159 shares during the last quarter.

Fortrea Stock Down 1.5 %

FTRE opened at $18.79 on Friday. Fortrea Holdings Inc. has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The company has a market capitalization of $1.68 billion, a P/E ratio of -13.52, a P/E/G ratio of 2.21 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. The firm’s fifty day moving average price is $22.62 and its two-hundred day moving average price is $27.84.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTRE. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Citigroup lowered their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Robert W. Baird cut their price objective on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. 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. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.