Swiss National Bank Acquires New Shares in Fortrea Holdings Inc. (NASDAQ:FTRE)

Swiss National Bank acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 166,220 shares of the company's stock, valued at approximately $5,801,000. Swiss National Bank owned approximately 0.19% of Fortrea as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FTRE. Whittier Trust Co. bought a new position in shares of Fortrea in the fourth quarter worth about $25,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Fortrea during the fourth quarter worth $25,000. ZRC Wealth Management LLC acquired a new position in shares of Fortrea during the fourth quarter worth $27,000. Allworth Financial LP bought a new position in shares of Fortrea in the 4th quarter valued at $28,000. Finally, CENTRAL TRUST Co acquired a new stake in shares of Fortrea during the 4th quarter valued at $30,000.

Analyst Ratings Changes

Several equities analysts have commented on FTRE shares. Robert W. Baird upgraded Fortrea from a "neutral" rating to an "outperform" rating and dropped their target price for the company from $45.00 to $36.00 in a research report on Tuesday. Barclays reduced their target price on shares of Fortrea from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Thursday, January 25th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Fortrea in a research note on Wednesday, March 6th. They set a "hold" rating and a $36.00 price target for the company. Bank of America reduced their price objective on shares of Fortrea from $33.00 to $27.00 and set an "underperform" rating on the stock in a research note on Tuesday. Finally, Evercore ISI decreased their price objective on Fortrea from $43.00 to $31.00 and set an "outperform" rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.57.

Fortrea Trading Down 0.9 %

FTRE stock traded down $0.26 during mid-day trading on Friday, reaching $27.55. The company's stock had a trading volume of 1,397,924 shares, compared to its average volume of 1,014,307. The company has a market cap of $2.46 billion and a price-to-earnings ratio of -19.82. Fortrea Holdings Inc. has a 12 month low of $24.92 and a 12 month high of $41.02. The business's 50 day moving average price is $36.98 and its 200 day moving average price is $34.14. The company has a current ratio of 1.47, a quick ratio of 1.62 and a debt-to-equity ratio of 0.97.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The company had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The company's quarterly revenue was down 4.6% on a year-over-year basis. On average, equities research analysts predict that Fortrea Holdings Inc. will post 1.01 EPS for the current year.

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.