Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Holdings Increased by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. boosted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 64.1% during the third quarter, HoldingsChannel.com reports. The firm owned 17,233 shares of the company’s stock after acquiring an additional 6,729 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Fortrea were worth $345,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FTRE. nVerses Capital LLC acquired a new stake in shares of Fortrea during the 2nd quarter valued at $26,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea during the second quarter worth $30,000. Blue Trust Inc. boosted its position in Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after purchasing an additional 1,434 shares during the last quarter. University of Texas Texas AM Investment Management Co. grew its stake in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Raleigh Capital Management Inc. acquired a new position in Fortrea in the 3rd quarter worth about $57,000.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Citigroup reduced their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Evercore ISI decreased their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Barclays dropped their price target on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. Finally, Bank of America cut their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.60.

Fortrea Price Performance

NASDAQ FTRE opened at $17.15 on Thursday. The stock has a market capitalization of $1.53 billion, a PE ratio of -12.34, a P/E/G ratio of 2.87 and a beta of 0.54. The stock has a 50-day simple moving average of $20.31 and a 200 day simple moving average of $24.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. Fortrea Holdings Inc. has a twelve month low of $17.00 and a twelve month high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same period in the prior year, the company posted $0.52 earnings per share. The firm’s revenue was down 8.6% compared to the same quarter last year. Research analysts anticipate 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.