Fractal Investments LLC Makes New Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Fractal Investments LLC acquired a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,000 shares of the company’s stock, valued at approximately $244,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Fortrea during the fourth quarter valued at $25,000. Whittier Trust Co. acquired a new position in shares of Fortrea during the fourth quarter valued at $25,000. ZRC Wealth Management LLC acquired a new position in shares of Fortrea during the fourth quarter valued at $27,000. Allworth Financial LP acquired a new position in Fortrea in the fourth quarter valued at about $28,000. Finally, Clean Yield Group acquired a new position in Fortrea in the fourth quarter valued at about $30,000.

Fortrea Stock Performance

FTRE stock traded up $0.31 during mid-day trading on Wednesday, reaching $37.25. The company had a trading volume of 875,199 shares, compared to its average volume of 883,531. Fortrea Holdings Inc. has a 52 week low of $24.92 and a 52 week high of $41.02. The stock has a 50 day simple moving average of $37.82 and a two-hundred day simple moving average of $33.53. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, March 11th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $775.40 million during the quarter, compared to analyst estimates of $779.09 million. The firm’s revenue was up 1.8% compared to the same quarter last year. As a group, analysts anticipate that Fortrea Holdings Inc. will post 1.06 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.