Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 35.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 234,550 shares of the company's stock after selling 129,863 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.26% of Fortrea worth $4,374,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTRE. Cullen Frost Bankers Inc. lifted its holdings in Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after purchasing an additional 1,361 shares in the last quarter. AlphaQuest LLC purchased a new position in Fortrea during the fourth quarter worth about $117,000. Whalen Wealth Management Inc. acquired a new stake in shares of Fortrea during the 4th quarter worth approximately $204,000. Allspring Global Investments Holdings LLC lifted its holdings in Fortrea by 21.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock valued at $207,000 after acquiring an additional 1,986 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Fortrea in the fourth quarter worth approximately $227,000.

Fortrea Stock Up 3.1 %

NASDAQ FTRE traded up $0.17 on Thursday, hitting $5.49. 295,104 shares of the stock were exchanged, compared to its average volume of 1,631,055. Fortrea Holdings Inc. has a fifty-two week low of $4.77 and a fifty-two week high of $38.04. The company has a 50-day moving average price of $9.19 and a 200-day moving average price of $15.44. The company has a market cap of $494.75 million, a PE ratio of -1.60, a PEG ratio of 1.78 and a beta of 2.10. 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 (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million during the quarter, compared to analysts' expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period last year, the company earned $0.19 EPS. Sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FTRE shares. William Blair reiterated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on shares of Fortrea in a report on Tuesday, March 4th. Evercore ISI lowered their price target on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their target price on Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Finally, Mizuho dropped their target price on Fortrea from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $16.70.

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.