Hara Capital LLC Purchases New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Hara Capital LLC purchased a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,430 shares of the company’s stock, valued at approximately $29,000.

Several other institutional investors have also modified their holdings of the stock. Keeley Teton Advisors LLC lifted its stake in shares of Fortrea by 2.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock valued at $572,000 after purchasing an additional 370 shares during the last quarter. CWM LLC lifted its stake in shares of Fortrea by 12.5% in the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after purchasing an additional 475 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Fortrea by 6.9% in the 1st quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock valued at $328,000 after purchasing an additional 524 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Fortrea by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after purchasing an additional 585 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities 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. Evercore ISI decreased 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. TD Cowen decreased their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Robert W. Baird decreased their price target on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. Finally, Bank of America decreased their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $23.60.

Fortrea Stock Down 0.2 %

Shares of FTRE opened at $18.05 on Friday. Fortrea Holdings Inc. has a 52 week low of $16.53 and a 52 week 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 company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -5.54, a PEG ratio of 2.72 and a beta of 0.70. The stock’s 50-day moving average price is $19.69 and its 200-day moving average price is $24.25.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter in the previous year, the company earned $0.52 EPS. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.59 EPS for the current 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.