Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Redwood Investment Management LLC

Redwood Investment Management LLC lessened its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,737 shares of the company’s stock after selling 5,833 shares during the period. Redwood Investment Management LLC owned about 0.13% of Fortrea worth $2,356,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FTRE. CWM LLC boosted its position in shares of Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after acquiring an additional 475 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Fortrea by 21.4% in the third 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 last quarter. Arizona State Retirement System boosted its position in shares of Fortrea by 2.5% in the second quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock worth $555,000 after acquiring an additional 585 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Fortrea by 2.0% in the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after acquiring an additional 792 shares during the last quarter. Finally, Cardinal Capital Management boosted its position in shares of Fortrea by 2.7% in the second quarter. Cardinal Capital Management now owns 31,548 shares of the company’s stock worth $736,000 after acquiring an additional 827 shares during the last quarter.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $23.73 on Thursday. Fortrea Holdings Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $41.02. The business has a 50 day moving average price of $19.41 and a two-hundred day moving average price of $22.41. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market cap of $2.13 billion, a PE ratio of -6.94, a price-to-earnings-growth ratio of 3.28 and a beta of 1.16.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same quarter last year, the business earned $0.24 EPS. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FTRE shares. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. The Goldman Sachs Group dropped their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Robert W. Baird increased their target price on shares of Fortrea from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Bank of America dropped their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. Finally, Barclays increased their target price on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $24.50.

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.