Maverick Capital Ltd. Purchases Shares of 84,690 Fortrea Holdings Inc. (NASDAQ:FTRE)

Maverick Capital Ltd. acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the third quarter, HoldingsChannel reports. The fund acquired 84,690 shares of the company’s stock, valued at approximately $1,694,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FTRE. Penn Davis Mcfarland Inc. increased its stake in Fortrea by 86.4% during the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after acquiring an additional 508,664 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea during the 2nd quarter worth about $23,192,000. Mutual of America Capital Management LLC increased its position in Fortrea by 9.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after purchasing an additional 40,748 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Fortrea by 40.4% in the second quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company’s stock valued at $8,808,000 after buying an additional 108,500 shares during the period. Finally, AREX Capital Management LP acquired a new position in Fortrea during the second quarter valued at approximately $525,000.

Analysts Set New Price Targets

Several research firms have recently issued reports on FTRE. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Barclays upped their price target on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Bank of America cut their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Evercore ISI decreased their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortrea currently has an average rating of “Hold” and an average target price of $24.50.

Fortrea Stock Performance

NASDAQ:FTRE opened at $21.05 on Friday. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The business’s 50-day simple moving average is $19.35 and its 200 day simple moving average is $22.57. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $674.86 million. During the same period in the previous year, the company earned $0.24 earnings per share. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. Research analysts forecast that Fortrea Holdings Inc. will post 0.57 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.