Eversept Partners LP Trims Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Eversept Partners LP trimmed its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,733 shares of the company's stock after selling 56,234 shares during the period. Fortrea comprises about 0.7% of Eversept Partners LP's portfolio, making the stock its 29th largest position. Eversept Partners LP owned approximately 0.45% of Fortrea worth $7,492,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Covestor Ltd boosted its position in Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after acquiring an additional 1,593 shares in the last quarter. Cullen Frost Bankers Inc. boosted its position in 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 in the last quarter. AlphaQuest LLC purchased a new position in Fortrea in the fourth quarter valued at about $117,000. Tower Research Capital LLC TRC raised its holdings in Fortrea by 140.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock worth $198,000 after purchasing an additional 6,205 shares in the last quarter. Finally, Mariner LLC purchased a new stake in shares of Fortrea during the fourth quarter valued at about $200,000.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. Barclays reiterated an "underweight" rating and set a $6.00 price objective (down previously from $12.00) on shares of Fortrea in a report on Thursday, April 10th. Evercore ISI dropped their target price on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research note on Tuesday, March 4th. Mizuho decreased their price target on Fortrea from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $16.70.

Fortrea Price Performance

Shares of NASDAQ FTRE traded up $0.54 during trading on Thursday, hitting $5.86. The company had a trading volume of 2,490,968 shares, compared to its average volume of 1,642,494. The firm has a market capitalization of $528.57 million, a price-to-earnings ratio of -1.71, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10. The stock has a fifty day simple moving average of $9.01 and a two-hundred day simple moving average of $15.35. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a fifty-two week low of $4.77 and a fifty-two week high of $38.04.

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 negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same period in the previous year, the company earned $0.19 EPS. On average, research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

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.