Fortrea Holdings Inc. (NASDAQ:FTRE) is Sessa Capital IM L.P.'s 7th Largest Position

Sessa Capital IM L.P. lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 2.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,908,044 shares of the company's stock after buying an additional 158,044 shares during the quarter. Fortrea makes up about 5.1% of Sessa Capital IM L.P.'s holdings, making the stock its 7th biggest holding. Sessa Capital IM L.P. owned 7.71% of Fortrea worth $138,161,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. nVerses Capital LLC bought a new stake in Fortrea during the 2nd quarter valued at about $26,000. Hara Capital LLC bought a new position in Fortrea in the 3rd quarter valued at approximately $29,000. Gladius Capital Management LP purchased a new stake in Fortrea during the 2nd quarter valued at $30,000. Blue Trust Inc. increased its holdings in shares of Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock worth $35,000 after purchasing an additional 1,434 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. raised its stake in shares of Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company's stock worth $53,000 after purchasing an additional 1,250 shares during the last quarter.

Fortrea Stock Performance

NASDAQ:FTRE traded up $0.13 during mid-day trading on Friday, hitting $19.63. 502,299 shares of the company traded hands, compared to its average volume of 1,288,240. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock's fifty day moving average price is $19.56 and its 200-day moving average price is $23.13. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -5.70, a price-to-earnings-growth ratio of 2.82 and a beta of 0.70. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its 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 firm had revenue of $674.90 million during the quarter, compared to analysts' expectations of $674.86 million. During the same period in the prior year, the company posted $0.24 earnings per share. The company's revenue was down 5.4% compared to the same quarter last year. Research analysts anticipate that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTRE has been the topic of several recent analyst reports. Jefferies Financial Group cut Fortrea from a "buy" rating to a "hold" rating and dropped their price objective for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. TD Cowen boosted their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a report on Monday, November 11th. Bank of America dropped their target price on shares of Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating for the company in a research note on Tuesday, August 20th. Finally, Citigroup dropped their price target on Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortrea currently has an average rating of "Hold" and an average price target of $24.50.

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.