Cannell & Co. Invests $1.13 Million in Fortrea Holdings Inc. (NASDAQ:FTRE)

Cannell & Co. purchased a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 32,459 shares of the company’s stock, valued at approximately $1,133,000.

A number of other hedge funds have also made changes to their positions in FTRE. Penn Davis Mcfarland Inc. purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $18,810,000. New York State Common Retirement Fund purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $17,918,000. Truist Financial Corp purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $16,402,000. Mutual of America Capital Management LLC purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $9,739,000. Finally, Willis Investment Counsel purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $6,286,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FTRE. Robert W. Baird started coverage on shares of Fortrea in a research report on Friday, March 22nd. They issued a “neutral” rating and a $43.00 price target for the company. Jefferies Financial Group started coverage on shares of Fortrea in a research report on Thursday, January 4th. They set a “buy” rating and a $44.00 price objective on the stock. William Blair started coverage on shares of Fortrea in a research report on Friday, January 5th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortrea in a research report on Wednesday, March 6th. They set a “hold” rating and a $36.00 price objective on the stock. Finally, Barclays cut their price objective on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.29.

Fortrea Stock Performance

NASDAQ:FTRE opened at $37.14 on Thursday. Fortrea Holdings Inc. has a 12 month low of $24.92 and a 12 month high of $41.02. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.62 and a quick ratio of 1.62. The company’s 50 day moving average is $38.00 and its 200-day moving average is $33.83.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, March 11th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The firm had revenue of $775.40 million for the quarter, compared to the consensus estimate of $779.09 million. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities research analysts predict that Fortrea Holdings Inc. will post 1.06 earnings per share 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.