PDT Partners LLC Purchases Shares of 139,955 Fortrea Holdings Inc. (NASDAQ:FTRE)

PDT Partners LLC bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 139,955 shares of the company's stock, valued at approximately $2,799,000. PDT Partners LLC owned approximately 0.16% of Fortrea as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sessa Capital IM L.P. increased its holdings in shares of Fortrea by 2.3% in the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company's stock worth $138,161,000 after purchasing an additional 158,044 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Fortrea by 5,021,169.7% in 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. FMR LLC increased its holdings in shares of Fortrea by 91.6% in the third 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 last quarter. Baupost Group LLC MA increased its holdings in shares of Fortrea by 933.7% in the second 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 last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Fortrea by 59.3% in the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company's stock worth $57,561,000 after purchasing an additional 918,240 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Robert W. Baird boosted their price objective on Fortrea from $28.00 to $30.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. The Goldman Sachs Group reduced their price objective on Fortrea from $26.00 to $23.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 8th. Barclays upped 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. Citigroup cut their target price on Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. Finally, TD Cowen boosted their price target on Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $24.50.

Fortrea Trading Down 2.3 %

Shares of NASDAQ:FTRE traded down $0.50 during mid-day trading on Friday, reaching $21.05. 440,347 shares of the company were exchanged, compared to its average volume of 1,411,108. 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 1 year low of $16.53 and a 1 year high of $41.02. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -6.15, a P/E/G ratio of 3.18 and a beta of 0.70. The firm's 50-day simple moving average is $19.35 and its 200 day simple moving average is $22.53.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly 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). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business 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 business earned $0.24 EPS. The business'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 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.