25,000 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Acquired by Fore Capital LLC

Fore Capital LLC purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 25,000 shares of the company’s stock, valued at approximately $584,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. nVerses Capital LLC acquired a new position in shares of Fortrea in the 2nd quarter valued at about $26,000. Gladius Capital Management LP acquired a new position in Fortrea in the second quarter valued at approximately $30,000. Concord Wealth Partners boosted its position in Fortrea by 152.8% in the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after purchasing an additional 521 shares in the last quarter. Blue Trust Inc. grew its stake in shares of 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 purchasing an additional 1,434 shares during the period. Finally, Parallel Advisors LLC purchased a new position in shares of Fortrea during the 4th quarter valued at approximately $36,000.

Fortrea Price Performance

FTRE stock opened at $19.91 on Wednesday. Fortrea Holdings Inc. has a 1 year low of $18.07 and a 1 year high of $41.02. 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 has a market capitalization of $1.78 billion, a PE ratio of -14.32, a price-to-earnings-growth ratio of 1.97 and a beta of 0.57. The business has a 50 day simple moving average of $24.03 and a 200-day simple moving average of $29.66.

Fortrea (NASDAQ:FTRE) last issued its earnings results 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). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same period last year, the business earned $0.52 earnings per share. The firm’s revenue was down 8.6% compared to the same quarter last year. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTRE. Evercore ISI downgraded shares of Fortrea from an “outperform” rating to an “in-line” rating and lowered their price target for the stock from $31.00 to $27.00 in a report on Thursday, August 8th. Mizuho started coverage on Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price on the stock. TD Cowen cut their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. 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. Finally, Bank of America cut their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $27.20.

About Fortrea

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.