Sequoia Financial Advisors LLC Buys New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Sequoia Financial Advisors LLC acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 174,357 shares of the company's stock, valued at approximately $1,316,000. Sequoia Financial Advisors LLC owned about 0.19% of Fortrea at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea in the 4th quarter valued at approximately $30,000. GF Fund Management CO. LTD. purchased a new stake in shares of Fortrea in the fourth quarter valued at about $35,000. GAMMA Investing LLC lifted its position 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 purchasing an additional 6,909 shares during the period. Covestor Ltd increased its position in Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company's stock worth $81,000 after purchasing an additional 1,593 shares during the period. Finally, Quarry LP increased its position in Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after purchasing an additional 4,034 shares during the period.

Fortrea Trading Down 1.2%

NASDAQ:FTRE traded down $0.07 during trading hours on Wednesday, reaching $5.15. 433,964 shares of the company were exchanged, compared to its average volume of 2,450,003. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $28.41. The stock has a 50 day simple moving average of $5.20 and a 200 day simple moving average of $10.49. The firm has a market cap of $465.62 million, a price-to-earnings ratio of -0.59, a PEG ratio of 0.34 and a beta of 1.76. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.97 and a quick ratio of 0.97.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.09. The business had revenue of $651.30 million for the quarter, compared to analyst estimates 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 predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on FTRE. The Goldman Sachs Group decreased their price target on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 14th. Truist Financial began coverage on Fortrea in a report on Friday, May 2nd. They set a "hold" rating and a $7.00 price objective for the company. Mizuho cut their price objective on Fortrea from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. Cowen reissued a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Finally, Robert W. Baird set a $12.00 price objective on Fortrea in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $15.00.

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.