Wells Fargo & Company MN Sells 13,680 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Wells Fargo & Company MN lessened its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 28.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,687 shares of the company’s stock after selling 13,680 shares during the period. Wells Fargo & Company MN’s holdings in Fortrea were worth $628,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTRE. Willis Investment Counsel lifted its stake in Fortrea by 0.6% in the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after acquiring an additional 1,138 shares during the period. Cullen Frost Bankers Inc. increased its position in shares of Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after buying an additional 1,361 shares during the period. Swiss National Bank lifted its holdings in Fortrea by 1.0% in the fourth quarter. Swiss National Bank now owns 167,420 shares of the company’s stock worth $3,122,000 after buying an additional 1,600 shares during the period. KBC Group NV lifted its holdings in Fortrea by 5.0% in the fourth quarter. KBC Group NV now owns 35,031 shares of the company’s stock worth $654,000 after buying an additional 1,659 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Fortrea by 10.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,020 shares of the company’s stock worth $355,000 after acquiring an additional 1,787 shares during the period.

Fortrea Price Performance

Shares of FTRE opened at $6.26 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 1-year low of $4.77 and a 1-year high of $37.47. The firm has a market cap of $564.65 million, a PE ratio of -1.83, a P/E/G ratio of 1.78 and a beta of 2.10. The firm has a fifty day simple moving average of $7.93 and a two-hundred day simple moving average of $14.83.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period in the prior year, the company posted $0.19 EPS. On average, equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FTRE shares. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on shares of Fortrea in a research note on Tuesday, March 4th. Mizuho lowered their price objective on Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Evercore ISI cut their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group dropped their price target on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $15.82.

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.