Alliancebernstein L.P. Purchases 57,879 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Alliancebernstein L.P. raised its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 107.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 111,845 shares of the company's stock after purchasing an additional 57,879 shares during the quarter. Alliancebernstein L.P. owned approximately 0.12% of Fortrea worth $2,086,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FTRE. Cullen Frost Bankers Inc. boosted its position in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after acquiring an additional 1,361 shares in the last quarter. AlphaQuest LLC purchased a new position in Fortrea during the fourth quarter valued at $117,000. Whalen Wealth Management Inc. bought a new stake in shares of Fortrea during the 4th quarter valued at $204,000. Summit Securities Group LLC purchased a new stake in shares of Fortrea in the 4th quarter worth about $205,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Fortrea by 21.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock worth $207,000 after buying an additional 1,986 shares during the period.

Fortrea Stock Performance

FTRE stock traded up $0.30 during midday trading on Tuesday, reaching $5.50. 3,518,292 shares of the company's stock traded hands, compared to its average volume of 1,627,078. The stock's 50-day moving average is $9.38 and its 200 day moving average is $15.51. The stock has a market cap of $496.10 million, a P/E ratio of -1.61, a PEG ratio of 1.78 and a beta of 2.10. Fortrea Holdings Inc. has a 52-week low of $4.77 and a 52-week high of $38.04. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period in the prior year, the business posted $0.19 earnings per share. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on FTRE. William Blair reissued a "market perform" rating on shares of Fortrea in a research 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 cut their price target on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group lowered their price objective on Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Finally, Barclays reiterated an "underweight" rating and issued a $6.00 price objective (down from $12.00) on shares of Fortrea in a report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $16.70.

Fortrea Company 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.