Anchor Investment Management LLC Decreases Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Anchor Investment Management LLC reduced its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 36.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,898 shares of the company’s stock after selling 1,070 shares during the period. Anchor Investment Management LLC’s holdings in Fortrea were worth $38,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. nVerses Capital LLC acquired a new stake in Fortrea in the second quarter valued at $26,000. Hara Capital LLC purchased a new stake in shares of Fortrea in the 3rd quarter worth about $29,000. Blue Trust Inc. grew its stake in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares during the last quarter. University of Texas Texas AM Investment Management Co. increased its holdings in Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after acquiring an additional 1,250 shares in the last quarter. Finally, Covestor Ltd increased its holdings in Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after acquiring an additional 1,398 shares in the last quarter.

Fortrea Price Performance

FTRE opened at $20.00 on Friday. Fortrea Holdings Inc. has a 1 year low of $16.53 and a 1 year high of $41.02. The company’s 50 day simple moving average is $19.65 and its 200 day simple moving average is $22.18. The stock has a market capitalization of $1.79 billion, a PE ratio of -5.85, a P/E/G ratio of 2.94 and a beta of 1.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTRE. TD Cowen increased their price target on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft reduced their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. Barclays raised their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Finally, Evercore ISI dropped their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $23.30.

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.