Maverick Capital Ltd. Buys New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Maverick Capital Ltd. bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 84,690 shares of the company's stock, valued at approximately $1,694,000. Maverick Capital Ltd. owned approximately 0.09% of Fortrea as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake 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 purchasing an additional 6,125,827 shares during the last quarter. Baupost Group LLC MA raised its holdings in shares of Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company's stock valued at $73,296,000 after buying an additional 2,836,563 shares in the last quarter. FMR LLC lifted its position in 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 buying an additional 2,304,677 shares during the last quarter. Magnetar Financial LLC lifted its position in Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company's stock worth $46,350,000 after buying an additional 1,381,489 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new stake in Fortrea in the second quarter worth approximately $23,192,000.

Wall Street Analysts Forecast Growth

FTRE has been the subject of several recent research reports. TD Cowen boosted their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. The Goldman Sachs Group dropped their target price on Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Tuesday, October 8th. Citigroup decreased 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. Jefferies Financial Group downgraded Fortrea from a "buy" rating to a "hold" rating and lowered their price objective for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, Evercore ISI cut their target price on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating on the stock in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $24.50.

Fortrea Stock Down 2.3 %

Shares of NASDAQ FTRE traded down $0.50 on Friday, reaching $21.05. 440,347 shares of the company's stock traded hands, compared to its average volume of 1,411,108. The business's 50 day simple moving average is $19.35 and its two-hundred day simple moving average is $22.53. Fortrea Holdings Inc. has a 12 month low of $16.53 and a 12 month high of $41.02. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -6.15, a price-to-earnings-growth ratio of 3.18 and a beta of 0.70. 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 (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea's revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 earnings per share. As a group, equities research analysts forecast that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal 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.