CenterBook Partners LP cut its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 83.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 75,812 shares of the company's stock after selling 388,202 shares during the quarter. CenterBook Partners LP owned about 0.08% of Fortrea worth $1,414,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. Cullen Frost Bankers Inc. increased its holdings in shares of Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after purchasing an additional 1,361 shares during the period. AlphaQuest LLC bought a new position in Fortrea in the 4th quarter valued at about $117,000. Whalen Wealth Management Inc. bought a new position in Fortrea in the 4th quarter valued at about $204,000. Summit Securities Group LLC acquired a new position in Fortrea during the 4th quarter valued at about $205,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Fortrea by 21.9% during 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 in the last quarter.
Analyst Ratings Changes
A number of brokerages have issued reports on FTRE. Barclays reaffirmed an "underweight" rating and set a $6.00 price target (down from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Robert W. Baird set a $12.00 target price on Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group cut their price target on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. William Blair restated a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Mizuho dropped their target price on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to data from MarketBeat, Fortrea has an average rating of "Hold" and an average price target of $16.70.
Read Our Latest Analysis on Fortrea
Fortrea Stock Down 9.3 %
NASDAQ:FTRE traded down $0.50 during trading hours on Tuesday, hitting $4.86. 1,834,403 shares of the stock traded hands, compared to its average volume of 1,981,496. The firm has a 50 day moving average price of $10.56 and a 200 day moving average price of $16.08. The firm has a market cap of $438.37 million, a price-to-earnings ratio of -1.42, a PEG ratio of 1.78 and a beta of 2.10. Fortrea Holdings Inc. has a fifty-two week low of $4.83 and a fifty-two week high of $38.03. 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 quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $697.00 million during the quarter, compared to analysts' expectations of $703.22 million. During the same period in the prior year, the company posted $0.19 earnings per share. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.
About Fortrea
(
Free Report)
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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