Glassman Wealth Services Acquires Shares of 796 Fortrea Holdings Inc. (NASDAQ:FTRE)

Glassman Wealth Services acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 796 shares of the company’s stock, valued at approximately $28,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTRE. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Fortrea during the fourth quarter worth about $25,000. Whittier Trust Co. bought a new position in shares of Fortrea during the fourth quarter worth about $25,000. ZRC Wealth Management LLC bought a new position in shares of Fortrea during the fourth quarter worth about $27,000. Allworth Financial LP bought a new position in shares of Fortrea during the fourth quarter worth about $28,000. Finally, Clean Yield Group bought a new position in shares of Fortrea during the fourth quarter worth about $30,000.

Fortrea Price Performance

Shares of NASDAQ:FTRE traded down $0.49 during trading hours on Thursday, hitting $36.65. The stock had a trading volume of 1,018,292 shares, compared to its average volume of 873,541. The stock’s fifty day simple moving average is $38.00 and its 200 day simple moving average is $33.83. Fortrea Holdings Inc. has a 1-year low of $24.92 and a 1-year high of $41.02. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.62 and a quick ratio of 1.62.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 11th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.04). The business had revenue of $775.40 million for the quarter, compared to the consensus estimate of $779.09 million. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, analysts forecast that Fortrea Holdings Inc. will post 1.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FTRE. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortrea in a research report on Wednesday, March 6th. They set a “hold” rating and a $36.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Fortrea in a research note on Thursday, January 4th. They set a “buy” rating and a $44.00 price objective on the stock. Barclays dropped their price objective on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. William Blair assumed coverage on shares of Fortrea in a research note on Friday, January 5th. They set a “market perform” rating on the stock. Finally, Robert W. Baird assumed coverage on shares of Fortrea in a research note on Friday, March 22nd. They set a “neutral” rating and a $43.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $37.29.

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.