Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC cut its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 53.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 12,510 shares of the company’s stock after selling 14,546 shares during the period. Nisa Investment Advisors LLC’s holdings in Fortrea were worth $94,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its stake in Fortrea by 736.6% in the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock valued at $59,000 after acquiring an additional 6,909 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Fortrea by 56.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock worth $122,000 after purchasing an additional 6,270 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Fortrea during the 4th quarter valued at approximately $300,000. Wealth Enhancement Advisory Services LLC bought a new position in Fortrea during the 1st quarter worth $119,000. Finally, Alliancebernstein L.P. grew its stake in Fortrea by 107.3% during the 4th quarter. Alliancebernstein L.P. now owns 111,845 shares of the company’s stock worth $2,086,000 after buying an additional 57,879 shares during the last quarter.

Fortrea Trading Down 5.3%

Shares of NASDAQ:FTRE opened at $4.69 on Friday. The company has a 50 day moving average of $4.95 and a 200-day moving average of $9.29. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm has a market cap of $424.45 million, a P/E ratio of -0.53, a P/E/G ratio of 0.34 and a beta of 1.76. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $27.99.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTRE has been the topic of a number of recent research reports. Barclays cut their target price on Fortrea from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 13th. Cowen reiterated a “hold” rating on shares of Fortrea in a research report on Wednesday, May 14th. Evercore ISI decreased their target price on shares of Fortrea from $6.00 to $5.00 and set an “in-line” rating for the company in a research report on Wednesday, July 9th. Citigroup restated a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. Finally, Mizuho reduced their price objective on Fortrea from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, July 11th. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.00.

About Fortrea

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.