Atom Investors LP Raises Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Atom Investors LP grew its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 9.1% during the third quarter, Holdings Channel reports. The institutional investor owned 42,504 shares of the company’s stock after buying an additional 3,531 shares during the period. Atom Investors LP’s holdings in Fortrea were worth $850,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. nVerses Capital LLC bought a new stake in Fortrea during the 2nd quarter worth approximately $26,000. Hara Capital LLC bought a new stake in shares of Fortrea during the 3rd quarter valued at $29,000. Gladius Capital Management LP purchased a new position in shares of Fortrea during the 2nd quarter valued at $30,000. Blue Trust Inc. boosted its holdings in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. boosted its holdings in Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares during the period.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $21.58 on Wednesday. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month 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 firm’s 50-day moving average price is $19.33 and its 200-day moving average price is $22.44.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data 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). The company had revenue of $674.90 million for 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%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $0.24 earnings per share. On average, equities research analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on FTRE. The Goldman Sachs Group lowered their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. TD Cowen upped their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Citigroup reduced their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and dropped their target price for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, Bank of America reduced their price target on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.50.

About Fortrea

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.