2,840 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Purchased by Raleigh Capital Management Inc.

Raleigh Capital Management Inc. acquired a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) in the third quarter, Holdings Channel reports. The fund acquired 2,840 shares of the company’s stock, valued at approximately $57,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTRE. Vanguard Group Inc. purchased a new stake in shares of Fortrea during the fourth quarter valued at approximately $347,110,000. Baupost Group LLC MA grew its stake in Fortrea by 933.7% in the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after purchasing an additional 2,836,563 shares during the period. Magnetar Financial LLC increased its position in shares of Fortrea by 228.6% during the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock valued at $46,350,000 after purchasing an additional 1,381,489 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea during the 2nd quarter valued at $23,192,000. Finally, Nordea Investment Management AB raised its stake in shares of Fortrea by 4,500.5% during the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock worth $39,259,000 after purchasing an additional 960,865 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTRE. Robert W. Baird decreased their price objective on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a report on Tuesday, August 13th. Barclays reduced their price objective on Fortrea from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Evercore ISI dropped their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Finally, Bank of America dropped their price target on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortrea has an average rating of “Hold” and an average price target of $23.60.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $18.51 on Thursday. The company’s fifty day moving average price is $20.79 and its 200-day moving average price is $25.74. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -13.32, a PEG ratio of 2.37 and a beta of 0.54. Fortrea Holdings Inc. has a one year low of $17.61 and a one year high of $41.02.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same period in the prior year, the company earned $0.52 EPS. The firm’s revenue was down 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal 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.