Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Cannell & Spears LLC

Cannell & Spears LLC decreased its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 26.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,748 shares of the company’s stock after selling 6,177 shares during the period. Cannell & Spears LLC’s holdings in Fortrea were worth $312,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. FMR LLC lifted its holdings in Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after acquiring an additional 2,304,677 shares during the period. Peregrine Capital Management LLC purchased a new position in shares of Fortrea in the 4th quarter valued at about $5,627,000. State Street Corp lifted its stake in shares of Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after purchasing an additional 233,577 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Fortrea by 25.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock worth $22,712,000 after buying an additional 227,109 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Fortrea by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock worth $184,341,000 after buying an additional 120,599 shares during the period.

Fortrea Trading Down 6.6 %

NASDAQ FTRE opened at $7.05 on Wednesday. Fortrea Holdings Inc. has a 12 month low of $7.01 and a 12 month high of $40.57. The company has a 50-day moving average of $12.96 and a 200-day moving average of $17.25. The company has a market cap of $635.91 million, a P/E ratio of -2.06, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $0.19 EPS. As a group, equities analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Evercore ISI decreased their price target on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a report on Tuesday, March 4th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Barclays lowered their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, Fortrea has an average rating of “Hold” and a consensus price target of $19.00.

Insider Buying and Selling

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is currently owned by corporate insiders.

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.