Kennedy Capital Management LLC Has $10.61 Million Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Kennedy Capital Management LLC raised its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 43.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 568,897 shares of the company's stock after buying an additional 172,856 shares during the period. Kennedy Capital Management LLC owned 0.63% of Fortrea worth $10,610,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FTRE. Cullen Frost Bankers Inc. boosted its position in Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after buying an additional 1,361 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of Fortrea during the fourth quarter valued at $117,000. Whalen Wealth Management Inc. bought a new position in Fortrea in the fourth quarter valued at about $204,000. Summit Securities Group LLC acquired a new stake in Fortrea in the fourth quarter worth about $205,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Fortrea by 21.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock worth $207,000 after purchasing an additional 1,986 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FTRE shares. The Goldman Sachs Group reduced their target price on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Evercore ISI lowered their target price on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Barclays reiterated an "underweight" rating and set a $6.00 target price (down previously from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Finally, William Blair reissued a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $16.70.

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Fortrea Stock Down 9.3 %

Shares of Fortrea stock traded down $0.50 on Tuesday, hitting $4.86. The company had a trading volume of 1,835,503 shares, compared to its average volume of 1,592,342. The stock has a 50-day moving average of $10.56 and a 200-day moving average of $16.08. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a twelve month low of $4.84 and a twelve month high of $39.49. The firm has a market capitalization of $438.37 million, a P/E ratio of -1.42, a P/E/G ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter last year, the company posted $0.19 EPS. Research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

About Fortrea

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.