Verition Fund Management LLC Makes New $220,000 Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Verition Fund Management LLC purchased a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,000 shares of the company’s stock, valued at approximately $220,000.

Several other institutional investors also recently bought and sold shares of FTRE. CWM LLC increased its holdings in Fortrea by 12.5% in the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after acquiring an additional 475 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after buying an additional 572 shares during the last quarter. Arizona State Retirement System increased its stake in Fortrea by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock worth $555,000 after buying an additional 585 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Fortrea by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 45,000 shares of the company’s stock valued at $1,050,000 after acquiring an additional 1,000 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Fortrea during the second quarter worth $26,000.

Fortrea Trading Down 1.3 %

Shares of FTRE stock opened at $20.00 on Monday. The company has a 50 day moving average price of $19.65 and a 200 day moving average price of $22.16. 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 Holdings Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $41.02. The stock has a market capitalization of $1.79 billion, a P/E ratio of -5.85, a price-to-earnings-growth ratio of 2.94 and a beta of 1.16.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FTRE. Barclays lifted their price objective on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Deutsche Bank Aktiengesellschaft cut 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. Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and decreased their target price for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.30.

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.