PDT Partners LLC Purchases New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

PDT Partners LLC acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 139,955 shares of the company’s stock, valued at approximately $2,799,000.

A number of other institutional investors also recently made changes to their positions in FTRE. CWM LLC lifted its holdings in Fortrea by 12.5% during the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after purchasing an additional 475 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after buying an additional 572 shares during the period. Arizona State Retirement System lifted its holdings in shares of Fortrea by 2.5% during the second quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock worth $555,000 after buying an additional 585 shares in the last quarter. Cardinal Capital Management boosted its position in shares of Fortrea by 2.7% in the second quarter. Cardinal Capital Management now owns 31,548 shares of the company’s stock valued at $736,000 after acquiring an additional 827 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in shares of Fortrea by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 45,000 shares of the company’s stock valued at $1,050,000 after acquiring an additional 1,000 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FTRE shares. Bank of America cut their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Robert W. Baird lifted their price objective on Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a report on Monday, November 11th. The Goldman Sachs Group reduced their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Finally, Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and dropped their price target for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. 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 assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $24.50.

Fortrea Stock Performance

Fortrea stock opened at $21.05 on Friday. 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 has a market cap of $1.89 billion, a PE ratio of -6.15, a P/E/G ratio of 3.25 and a beta of 0.70. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The business’s 50-day moving average price is $19.35 and its two-hundred day moving average price is $22.57.

Fortrea (NASDAQ:FTRE) last announced its quarterly 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). 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%. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period last year, the firm posted $0.24 earnings per share. As a group, analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

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.