Commerce Bank Boosts Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Commerce Bank boosted its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 75.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 24,962 shares of the company’s stock after purchasing an additional 10,705 shares during the quarter. Commerce Bank’s holdings in Fortrea were worth $499,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of Fortrea in the second quarter worth $26,000. Hara Capital LLC purchased a new stake in shares of Fortrea during the third quarter valued at $29,000. Gladius Capital Management LP bought a new stake in Fortrea in the 2nd quarter worth about $30,000. Blue Trust Inc. lifted its stake in Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. lifted its stake in Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after acquiring an additional 1,250 shares during the period.

Fortrea Stock Down 1.0 %

NASDAQ FTRE opened at $20.69 on Wednesday. The stock’s 50-day moving average price is $19.51 and its 200-day moving average price is $22.72. The company has a market capitalization of $1.86 billion, a P/E ratio of -6.05, a price-to-earnings-growth ratio of 2.98 and a beta of 0.70. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 52 week low of $16.53 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS. On average, equities research analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on FTRE shares. Bank of America lowered their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and lowered their price target for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. TD Cowen lifted their price objective on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Citigroup lowered their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, Barclays boosted their price target on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.50.

Fortrea 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.