Fmr LLC Has $96.43 Million Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

FMR LLC lifted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 91.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,821,404 shares of the company's stock after buying an additional 2,304,677 shares during the period. FMR LLC owned 5.38% of Fortrea worth $96,428,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTRE. Penn Davis Mcfarland Inc. boosted its holdings in shares of Fortrea by 86.4% during the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company's stock valued at $21,944,000 after acquiring an additional 508,664 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in Fortrea in the 2nd quarter valued at about $23,192,000. Mutual of America Capital Management LLC boosted its stake in Fortrea by 9.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock valued at $9,909,000 after purchasing an additional 40,748 shares during the period. First Eagle Investment Management LLC grew its position in Fortrea by 40.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company's stock worth $8,808,000 after purchasing an additional 108,500 shares during the last quarter. Finally, AREX Capital Management LP acquired a new stake in shares of Fortrea in the second quarter valued at approximately $525,000.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTRE. Evercore ISI reduced their price objective on Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a research report on Tuesday, October 8th. Barclays boosted their price target on Fortrea from $20.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, November 11th. The Goldman Sachs Group decreased their price target on Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Tuesday, October 8th. Bank of America reduced their price objective on shares of Fortrea from $26.00 to $21.00 and set an "underperform" rating for the company in a report on Tuesday, August 13th. Finally, Jefferies Financial Group cut shares of Fortrea from a "buy" rating to a "hold" rating and lowered their target price for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $24.00.

Fortrea Price Performance

NASDAQ FTRE traded down $1.90 on Friday, reaching $21.67. The company's stock had a trading volume of 2,059,026 shares, compared to its average volume of 1,295,268. The firm's 50 day moving average is $19.48 and its two-hundred day moving average is $22.42. The stock has a market cap of $1.94 billion, a PE ratio of -6.43, a PEG ratio of 3.26 and a beta of 1.16. 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 Holdings Inc. has a twelve month low of $16.53 and a twelve month high of $41.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last released 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 negative net margin of 10.99% and a positive return on equity of 2.00%. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 earnings per share. As a group, sell-side analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

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.