Forte Capital LLC ADV Buys Shares of 5,830 Fortrea Holdings Inc. (NASDAQ:FTRE)

Forte Capital LLC ADV bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, HoldingsChannel reports. The fund bought 5,830 shares of the company’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Whittier Trust Co. acquired a new position in Fortrea in the fourth quarter valued at about $25,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Fortrea in the fourth quarter valued at about $25,000. ZRC Wealth Management LLC acquired a new position in Fortrea in the fourth quarter valued at about $27,000. Allworth Financial LP acquired a new position in Fortrea in the fourth quarter valued at about $28,000. Finally, CENTRAL TRUST Co acquired a new position in Fortrea in the fourth quarter valued at about $30,000.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FTRE. Robert W. Baird initiated coverage on Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 target price for the company. Barclays reduced their price objective on Fortrea from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, January 25th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Fortrea in a research report on Wednesday, March 6th. They set a “hold” rating and a $36.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Fortrea has a consensus rating of “Hold” and an average target price of $37.29.

Fortrea Price Performance

FTRE traded up $0.76 on Friday, hitting $37.41. 560,477 shares of the company were exchanged, compared to its average volume of 802,820. Fortrea Holdings Inc. has a 12 month low of $24.92 and a 12 month high of $41.02. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62. The stock’s fifty day moving average is $38.01 and its 200-day moving average is $33.92.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, March 11th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $775.40 million during the quarter, compared to analyst estimates of $779.09 million. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, research analysts forecast that Fortrea Holdings Inc. will post 1.06 EPS 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.