Capstone Investment Advisors LLC Grows Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Capstone Investment Advisors LLC increased its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 120.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 23,534 shares of the company’s stock after acquiring an additional 12,871 shares during the quarter. Capstone Investment Advisors LLC’s holdings in Fortrea were worth $471,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new position in shares of Fortrea during the 2nd quarter worth $26,000. Gladius Capital Management LP bought a new stake in Fortrea during the second quarter valued at about $30,000. Hara Capital LLC purchased a new stake in Fortrea in the third quarter worth about $29,000. Blue Trust Inc. raised its stake in shares of Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. lifted its position in shares of Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after buying an additional 1,250 shares in the last quarter.

Fortrea Stock Performance

NASDAQ FTRE opened at $21.05 on Friday. The stock has a market capitalization of $1.89 billion, a PE ratio of -6.15, a P/E/G ratio of 3.25 and a beta of 0.70. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The business has a 50 day simple moving average of $19.41 and a two-hundred day simple moving average of $22.62. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same quarter in the prior year, the firm posted $0.24 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, research analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FTRE shares. 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 report on Monday, November 11th. The Goldman Sachs Group reduced their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Bank of America lowered their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. Evercore ISI cut their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. One 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 MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $24.50.

Fortrea 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.