Raleigh Capital Management Inc. Acquires Shares of 2,840 Fortrea Holdings Inc. (NASDAQ:FTRE)

Raleigh Capital Management Inc. bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 2,840 shares of the company’s stock, valued at approximately $57,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FTRE. Everence Capital Management Inc. boosted its stake in Fortrea by 60.2% in the third quarter. Everence Capital Management Inc. now owns 12,320 shares of the company’s stock valued at $246,000 after buying an additional 4,630 shares in the last quarter. Penn Davis Mcfarland Inc. grew its position in Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after acquiring an additional 508,664 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Fortrea by 26.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock worth $182,000 after purchasing an additional 1,917 shares in the last quarter. Willis Investment Counsel raised its position in Fortrea by 1.2% in the third quarter. Willis Investment Counsel now owns 184,335 shares of the company’s stock valued at $3,687,000 after purchasing an additional 2,252 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Fortrea by 552.3% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 161,900 shares of the company’s stock valued at $3,779,000 after purchasing an additional 137,082 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FTRE shares. Barclays lowered their price objective on Fortrea from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Robert W. Baird decreased their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Citigroup reduced their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Bank of America lowered their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and an average target price of $23.60.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $18.51 on Thursday. The stock’s 50 day moving average is $20.79 and its 200-day moving average is $25.74. Fortrea Holdings Inc. has a twelve month low of $17.61 and a twelve month high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. 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 (NASDAQ:FTRE) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 EPS. Sell-side analysts forecast that Fortrea Holdings Inc. will post 0.59 EPS for the current fiscal year.

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.