Holocene Advisors LP Sells 115,412 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Holocene Advisors LP cut its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 90.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,572 shares of the company's stock after selling 115,412 shares during the quarter. Holocene Advisors LP's holdings in Fortrea were worth $231,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Starboard Value LP lifted its position in Fortrea by 5.0% during the third 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. Sessa Capital IM L.P. lifted its position in Fortrea by 2.3% during the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company's stock worth $138,161,000 after buying an additional 158,044 shares during the period. Pacer Advisors Inc. lifted its position in Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company's stock worth $122,519,000 after buying an additional 6,125,827 shares during the period. FMR LLC raised its holdings in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company's stock worth $96,428,000 after purchasing an additional 2,304,677 shares during the period. Finally, Baupost Group LLC MA raised its holdings in shares of Fortrea by 933.7% in the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company's stock worth $73,296,000 after purchasing an additional 2,836,563 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FTRE shares. Barclays increased their target price on Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, November 11th. The Goldman Sachs Group decreased their target price on Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. Bank of America cut their price target 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 lifted their target price on Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a research note on Monday, November 11th. Finally, Citigroup lowered their price target on Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $24.00.

Fortrea Price Performance

FTRE traded down $1.90 during trading on Friday, hitting $21.67. 2,059,081 shares of the stock traded hands, compared to its average volume of 1,448,764. Fortrea Holdings Inc. has a twelve month low of $16.53 and a twelve month high of $41.02. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -6.34, a PEG ratio of 3.58 and a beta of 1.16. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50 day moving average price of $19.52 and a 200 day moving average price of $22.35.

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