Geode Capital Management LLC Purchases 20,825 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Geode Capital Management LLC raised its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 1.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,502,546 shares of the company’s stock after acquiring an additional 20,825 shares during the period. Geode Capital Management LLC owned about 1.68% of Fortrea worth $30,059,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. nVerses Capital LLC acquired a new position in shares of Fortrea in the 2nd quarter valued at $26,000. Hara Capital LLC bought a new position in Fortrea during the third quarter worth about $29,000. University of Texas Texas AM Investment Management Co. boosted its holdings 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 purchasing an additional 1,250 shares in the last quarter. Covestor Ltd raised its holdings in shares of Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after buying an additional 1,398 shares in the last quarter. Finally, Raleigh Capital Management Inc. bought a new position in shares of Fortrea during the 3rd quarter worth approximately $57,000.

Fortrea Price Performance

Fortrea stock opened at $19.17 on Friday. The firm has a market capitalization of $1.72 billion, a P/E ratio of -5.61, a PEG ratio of 2.94 and a beta of 1.14. The business has a 50-day moving average of $19.68 and a 200-day moving average of $21.79. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 1 year low of $16.53 and a 1 year high of $41.02.

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). 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 for the quarter, compared to the consensus estimate of $674.86 million. During the same period in the prior year, the business earned $0.24 earnings per share. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, equities analysts anticipate that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Wall Street Analyst Weigh In

FTRE has been the subject of several recent analyst reports. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Evercore ISI dropped their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. TD Cowen increased their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $23.30.

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.