Fortrea Holdings Inc. (NASDAQ:FTRE) Holdings Decreased by Boston Research & Management Inc.

Boston Research & Management Inc. trimmed its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 5.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,460 shares of the company’s stock after selling 1,094 shares during the period. Boston Research & Management Inc.’s holdings in Fortrea were worth $477,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of FTRE. nVerses Capital LLC bought a new position in Fortrea during the second quarter valued at approximately $26,000. Gladius Capital Management LP bought a new position in shares of Fortrea during the 2nd quarter valued at $30,000. Concord Wealth Partners lifted its stake in shares of Fortrea by 152.8% in the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares during the last quarter. Blue Trust Inc. boosted its holdings in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after purchasing an additional 1,434 shares in the last quarter. Finally, Parallel Advisors LLC acquired a new position in Fortrea during the fourth quarter worth $36,000.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reduced their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. Mizuho assumed coverage on Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. Citigroup lowered their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Finally, Evercore ISI downgraded shares of Fortrea from an “outperform” rating to an “in-line” rating and dropped their target price for the stock from $31.00 to $27.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $27.20.

Fortrea Stock Performance

NASDAQ FTRE opened at $23.90 on Friday. Fortrea Holdings Inc. has a twelve month low of $18.07 and a twelve month high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The stock has a market cap of $2.14 billion, a P/E ratio of -17.19, a PEG ratio of 2.02 and a beta of 0.57. The company’s 50-day simple moving average is $23.75 and its 200 day simple moving average is $28.93.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data 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). The company had revenue of $662.40 million for 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 was down 8.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 earnings per share. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal year.

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.