Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Acquired by Sei Investments Co.

Sei Investments Co. grew its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 11.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 87,809 shares of the company’s stock after buying an additional 8,936 shares during the period. Sei Investments Co.’s holdings in Fortrea were worth $2,049,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Concord Wealth Partners boosted its holdings in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after acquiring an additional 521 shares in the last quarter. Parallel Advisors LLC acquired a new stake in shares of Fortrea during the fourth quarter worth about $36,000. nVerses Capital LLC acquired a new stake in shares of Fortrea during the second quarter worth about $26,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Fortrea during the fourth quarter worth about $40,000. Finally, Gladius Capital Management LP acquired a new stake in shares of Fortrea during the second quarter worth about $30,000.

Fortrea Stock Down 1.5 %

Fortrea stock opened at $18.79 on Friday. The stock has a market capitalization of $1.68 billion, a PE ratio of -13.52, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56. Fortrea Holdings Inc. has a 12 month low of $18.07 and a 12 month high of $41.02. The business has a 50 day simple moving average of $22.62 and a 200-day simple moving average of $27.84. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on FTRE. Deutsche Bank Aktiengesellschaft decreased their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. Citigroup decreased their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Barclays decreased their target price on Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a report on Tuesday, August 13th. Evercore ISI cut Fortrea from an “outperform” rating to an “in-line” rating and reduced their price target for the company from $31.00 to $27.00 in a research report on Thursday, August 8th. Finally, Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and reduced their price target for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $24.90.

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.