Assetmark Inc. Purchases 1,566 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Assetmark Inc. raised its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 10.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,238 shares of the company’s stock after acquiring an additional 1,566 shares during the quarter. Assetmark Inc.’s holdings in Fortrea were worth $325,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTRE. Sei Investments Co. boosted its stake in shares of Fortrea by 311.2% during the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after acquiring an additional 59,690 shares during the period. Russell Investments Group Ltd. raised its stake in Fortrea by 466.0% in the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock valued at $3,309,000 after acquiring an additional 67,865 shares during the period. ProShare Advisors LLC lifted its holdings in Fortrea by 6.9% during the 1st 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. Covestor Ltd boosted its position in Fortrea by 420.8% during the first quarter. Covestor Ltd now owns 2,083 shares of the company’s stock worth $84,000 after purchasing an additional 1,683 shares during the period. Finally, O Shaughnessy Asset Management LLC acquired a new position in shares of Fortrea in the first quarter valued at $496,000.

Fortrea Stock Performance

FTRE opened at $19.34 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.19 and a current ratio of 1.18. Fortrea Holdings Inc. has a 52-week low of $16.53 and a 52-week high of $41.02. The firm has a market cap of $1.73 billion, a P/E ratio of -5.65, a price-to-earnings-growth ratio of 3.21 and a beta of 0.70. The business’s fifty day moving average is $19.66 and its 200-day moving average is $23.53.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same period in the prior year, the business earned $0.24 earnings per share. Fortrea’s quarterly revenue was down 5.4% compared to the same quarter last year. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FTRE shares. Deutsche Bank Aktiengesellschaft cut their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Evercore ISI cut their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Bank of America decreased their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. TD Cowen increased their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, Robert W. Baird boosted their price target on Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $24.50.

Fortrea Company 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.