PharVision Advisers LLC Acquires Shares of 18,487 Fortrea Holdings Inc. (NASDAQ:FTRE)

PharVision Advisers LLC bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,487 shares of the company’s stock, valued at approximately $345,000.

Several other hedge funds also recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in shares of Fortrea in the fourth quarter valued at approximately $227,000. Whalen Wealth Management Inc. acquired a new position in Fortrea in the 4th quarter valued at $204,000. KBC Group NV lifted its position in shares of Fortrea by 5.0% during the 4th quarter. KBC Group NV now owns 35,031 shares of the company’s stock valued at $654,000 after acquiring an additional 1,659 shares during the period. 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 purchasing an additional 1,787 shares in the last quarter. Finally, Willis Investment Counsel increased its position in shares of 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 purchasing an additional 1,138 shares during the period.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Truist Financial started coverage on Fortrea in a research note on Friday, May 2nd. They issued a “hold” rating and a $7.00 price target for the company. Evercore ISI dropped their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. Cowen reaffirmed a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group lowered their price objective on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, May 14th. Two research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.00.

Fortrea Stock Performance

Shares of Fortrea stock opened at $4.20 on Thursday. The company’s 50 day moving average price is $6.34 and its two-hundred day moving average price is $13.67. The firm has a market capitalization of $380.10 million, a P/E ratio of -1.23, a P/E/G ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a fifty-two week low of $4.19 and a fifty-two week high of $28.41. 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 Monday, May 12th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The company had revenue of $651.30 million during the quarter, compared to analysts’ expectations of $609.63 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. On average, equities analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Fortrea Company 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.