Sanctuary Advisors LLC Cuts Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Sanctuary Advisors LLC lessened its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 11.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,612 shares of the company’s stock after selling 1,552 shares during the quarter. Sanctuary Advisors LLC’s holdings in Fortrea were worth $249,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. nVerses Capital LLC bought a new stake in Fortrea during the second quarter valued at about $26,000. Hara Capital LLC bought a new position in shares of Fortrea during the 3rd quarter worth approximately $29,000. University of Texas Texas AM Investment Management Co. lifted its position in Fortrea by 125.0% during the second 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 during the last quarter. Covestor Ltd boosted its stake in Fortrea by 102.4% in the third 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. Finally, Raleigh Capital Management Inc. purchased a new position in Fortrea in the third quarter worth $57,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTRE. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Evercore ISI cut their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Robert W. Baird downgraded shares of Fortrea from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and cut their target price for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, TD Cowen raised their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat.com, Fortrea has a consensus rating of “Hold” and an average target price of $23.30.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $19.36 on Friday. Fortrea Holdings Inc. has a 1 year low of $16.53 and a 1 year high of $41.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company’s fifty day moving average price is $19.67 and its 200 day moving average price is $21.75. The company has a market capitalization of $1.74 billion, a PE ratio of -5.66, a price-to-earnings-growth ratio of 2.94 and a beta of 1.16.

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 the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 EPS. On average, research analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

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.