CenterBook Partners LP Sells 388,202 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

CenterBook Partners LP lessened its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 83.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 75,812 shares of the company’s stock after selling 388,202 shares during the period. CenterBook Partners LP owned about 0.08% of Fortrea worth $1,414,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Fortrea during the fourth quarter valued at approximately $1,082,000. Renaissance Technologies LLC increased its stake in shares of Fortrea by 2,996.0% in the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company’s stock worth $6,005,000 after purchasing an additional 311,582 shares in the last quarter. Invesco Ltd. raised its holdings in Fortrea by 20.5% in the 4th quarter. Invesco Ltd. now owns 546,160 shares of the company’s stock worth $10,186,000 after purchasing an additional 92,774 shares during the period. Bank of Montreal Can lifted its position in Fortrea by 53.7% during the fourth quarter. Bank of Montreal Can now owns 21,983 shares of the company’s stock valued at $410,000 after purchasing an additional 7,677 shares in the last quarter. Finally, FMR LLC grew its holdings in Fortrea by 67.7% during the fourth quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the period.

Analysts Set New Price Targets

Several equities analysts have weighed in on FTRE shares. Robert W. Baird set a $12.00 price target on shares of Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group dropped their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Mizuho dropped their price objective on Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Barclays reissued an “underweight” rating and set a $6.00 target price (down previously from $12.00) on shares of Fortrea in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. Based on data from MarketBeat, Fortrea presently has an average rating of “Hold” and an average target price of $16.70.

Fortrea Stock Performance

NASDAQ:FTRE opened at $5.21 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $469.94 million, a price-to-earnings ratio of -1.52, a PEG ratio of 1.78 and a beta of 2.10. Fortrea Holdings Inc. has a 1 year low of $5.15 and a 1 year high of $39.49. The stock’s 50 day simple moving average is $10.98 and its two-hundred day simple moving average is $16.30.

Fortrea (NASDAQ:FTRE) last released its quarterly 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). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million for the quarter, compared to analysts’ expectations of $703.22 million. During the same period in the previous year, the company earned $0.19 EPS. As a group, equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 13,029 shares of company stock worth $226,168. 0.12% of the stock is currently owned by corporate insiders.

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.