Easterly Investment Partners LLC Invests $1.90 Million in Fortrea Holdings Inc. (NASDAQ:FTRE)

Easterly Investment Partners LLC bought a new position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 101,986 shares of the company's stock, valued at approximately $1,902,000. Easterly Investment Partners LLC owned approximately 0.11% of Fortrea as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of Fortrea by 91.6% during the third quarter. FMR LLC now owns 4,821,404 shares of the company's stock valued at $96,428,000 after purchasing an additional 2,304,677 shares during the period. Starboard Value LP raised its stake in Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock worth $168,000,000 after buying an additional 400,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Fortrea by 192.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company's stock worth $9,458,000 after acquiring an additional 311,018 shares in the last quarter. Peregrine Capital Management LLC acquired a new stake in Fortrea in the fourth quarter valued at approximately $5,627,000. Finally, State Street Corp grew its stake in 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 acquiring an additional 233,577 shares during the period.

Fortrea Stock Performance

NASDAQ:FTRE traded down $0.48 during trading on Monday, reaching $7.55. The company's stock had a trading volume of 584,005 shares, compared to its average volume of 1,477,256. Fortrea Holdings Inc. has a 12 month low of $7.45 and a 12 month high of $40.63. The firm has a market cap of $681.01 million, a price-to-earnings ratio of -2.21, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The firm has a 50 day moving average of $13.39 and a 200-day moving average of $17.45. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to the consensus estimate 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 company posted $0.19 EPS. Research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Analyst Ratings Changes

FTRE has been the topic of a number of recent research reports. William Blair reiterated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Barclays dropped 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. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. Baird R W lowered shares of Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. Finally, Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and cut their price target for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $19.00.

Insider Buying and Selling

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm's stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares of the company's stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is owned by company insiders.

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.