Boothbay Fund Management LLC Sells 26,432 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Boothbay Fund Management LLC decreased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 34.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 51,157 shares of the company’s stock after selling 26,432 shares during the period. Boothbay Fund Management LLC’s holdings in Fortrea were worth $954,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd increased its holdings in Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after acquiring an additional 1,593 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,361 shares during the period. AlphaQuest LLC purchased a new position in shares of Fortrea in the fourth quarter worth about $117,000. Tower Research Capital LLC TRC raised its position in shares of Fortrea by 140.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company’s stock valued at $198,000 after purchasing an additional 6,205 shares during the period. Finally, Mariner LLC purchased a new stake in shares of Fortrea during the 4th quarter valued at approximately $200,000.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Evercore ISI reduced their price objective on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Barclays restated an “underweight” rating and issued a $6.00 target price (down previously from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Mizuho decreased their price target on Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Finally, Robert W. Baird set a $12.00 price target on shares of Fortrea in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.70.

Fortrea Stock Up 4.1 %

FTRE opened at $6.33 on Wednesday. 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 business’s fifty day simple moving average is $8.45 and its 200 day simple moving average is $15.06. Fortrea Holdings Inc. has a 52 week low of $4.77 and a 52 week high of $37.84. The stock has a market cap of $570.97 million, a PE ratio of -1.85, a P/E/G ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. As a group, research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share 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.