Baupost Group LLC MA Sells 847,193 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Baupost Group LLC MA lowered its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 27.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,293,167 shares of the company's stock after selling 847,193 shares during the period. Fortrea accounts for 1.3% of Baupost Group LLC MA's holdings, making the stock its 16th biggest position. Baupost Group LLC MA owned about 2.56% of Fortrea worth $45,863,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. nVerses Capital LLC bought a new stake in Fortrea in the 2nd quarter valued at $26,000. Hara Capital LLC bought a new stake in Fortrea in the 3rd quarter valued at $29,000. Gladius Capital Management LP bought a new stake in Fortrea in the 2nd quarter valued at $30,000. Blue Trust Inc. raised its stake in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock valued at $35,000 after acquiring an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. grew its holdings in Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company's stock valued at $53,000 after buying an additional 1,250 shares in the last quarter.

Fortrea Stock Performance

Fortrea stock opened at $20.69 on Wednesday. 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 Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The business's 50-day moving average price is $19.51 and its two-hundred day moving average price is $22.72.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm's revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FTRE shares. Deutsche Bank Aktiengesellschaft decreased their price objective on Fortrea from $28.00 to $23.00 and set a "hold" rating on the stock in a report on Tuesday, August 20th. Barclays upped their price objective on Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, November 11th. Bank of America decreased their price objective on Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a report on Tuesday, August 13th. TD Cowen upped their price objective on Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a report on Monday, November 11th. Finally, Robert W. Baird upped their price objective on Fortrea from $28.00 to $30.00 and gave the company an "outperform" rating in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortrea currently has an average rating of "Hold" and an average price target of $24.50.

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.

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