JPMorgan Chase & Co. Has $7.29 Million Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

JPMorgan Chase & Co. raised its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 21.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 364,413 shares of the company’s stock after purchasing an additional 63,766 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.41% of Fortrea worth $7,288,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FTRE. Hara Capital LLC bought a new stake in shares of Fortrea in the 3rd quarter valued at $29,000. University of Texas Texas AM Investment Management Co. lifted its holdings in Fortrea by 125.0% in 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 buying an additional 1,250 shares during the period. Covestor Ltd boosted its position in Fortrea by 102.4% during 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 during the last quarter. Raleigh Capital Management Inc. acquired a new stake in Fortrea during the 3rd quarter worth about $57,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after acquiring an additional 572 shares during the period.

Fortrea Trading Down 3.7 %

NASDAQ:FTRE opened at $17.64 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The company has a market cap of $1.58 billion, a PE ratio of -5.16, a PEG ratio of 3.02 and a beta of 1.24. The firm has a 50-day moving average of $19.93 and a 200-day moving average of $21.34.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 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 company 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 firm posted $0.24 earnings per share. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.12% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Barclays upped their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Evercore ISI reduced their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their target price for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Finally, TD Cowen upped their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price 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.