Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 46.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,330,657 shares of the company’s stock after selling 1,135,524 shares during the period. Victory Capital Management Inc. owned approximately 1.49% of Fortrea worth $26,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Keeley Teton Advisors LLC grew its position in Fortrea by 2.7% in the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock worth $572,000 after acquiring an additional 370 shares during the period. CWM LLC grew its holdings in shares of Fortrea by 12.5% during the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after purchasing an additional 475 shares during the period. ProShare Advisors LLC increased its position in shares of Fortrea by 6.9% during the 1st quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after purchasing an additional 524 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after buying an additional 572 shares during the period. Finally, Arizona State Retirement System raised its holdings in Fortrea by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after buying an additional 585 shares during the period.

Fortrea Trading Down 4.3 %

FTRE opened at $19.34 on Monday. The business has a fifty day moving average price of $19.66 and a 200 day moving average price of $23.44. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.19. Fortrea Holdings Inc. has a 12 month low of $16.53 and a 12 month high of $41.02. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -5.65, a PEG ratio of 2.92 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million during 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 business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Evercore ISI dropped their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. The Goldman Sachs Group lowered their price objective 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. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lowered their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. Finally, Bank of America decreased their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortrea has an average 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.