Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 56.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,343 shares of the company’s stock after buying an additional 6,270 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Fortrea were worth $122,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FTRE. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea during the fourth quarter worth approximately $30,000. GF Fund Management CO. LTD. acquired a new position in Fortrea during the fourth quarter worth approximately $35,000. GAMMA Investing LLC increased its position in Fortrea by 736.6% during the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock worth $59,000 after buying an additional 6,909 shares during the period. Covestor Ltd increased its position in Fortrea by 57.7% during the fourth quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after buying an additional 1,593 shares during the period. Finally, Quarry LP increased its holdings in shares of Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after purchasing an additional 4,034 shares during the period.

Fortrea Stock Down 3.0%

Shares of NASDAQ:FTRE opened at $5.11 on Friday. The stock’s 50-day moving average price is $5.05 and its two-hundred day moving average price is $9.71. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Fortrea Holdings Inc. has a 12-month low of $3.97 and a 12-month high of $28.41. The firm has a market cap of $462.46 million, a price-to-earnings ratio of -0.58, a PEG ratio of 0.35 and a beta of 1.76.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. The firm had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Barclays decreased their price target on Fortrea from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 13th. The Goldman Sachs Group decreased their price target on Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 14th. Citigroup restated a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. Truist Financial assumed coverage on Fortrea in a research note on Friday, May 2nd. They issued a “hold” rating and a $7.00 price target on the stock. Finally, Cowen reiterated a “hold” rating on shares of Fortrea in a research report on Wednesday, May 14th. Two research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus target price of $14.00.

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.