Penn Capital Management Company LLC Makes New Investment in Fortrea Holdings Inc. $FTRE

Penn Capital Management Company LLC bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 1,140,647 shares of the company’s stock, valued at approximately $22,793,000. Fortrea accounts for about 1.7% of Penn Capital Management Company LLC’s portfolio, making the stock its 6th biggest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP acquired a new position in shares of Fortrea in the 2nd quarter valued at $41,488,000. Dimensional Fund Advisors LP raised its holdings in Fortrea by 163.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock worth $12,241,000 after buying an additional 807,081 shares during the period. Renaissance Technologies LLC raised its holdings in Fortrea by 81.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock worth $13,496,000 after buying an additional 643,000 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Fortrea during the 1st quarter worth about $2,990,000. Finally, Pullen Investment Management LLC purchased a new stake in Fortrea during the third quarter valued at about $2,220,000.

Fortrea Stock Performance

Shares of Fortrea stock opened at $22.24 on Tuesday. Fortrea Holdings Inc. has a 12 month low of $8.55 and a 12 month high of $26.16. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a market cap of $2.15 billion, a PE ratio of -30.47, a price-to-earnings-growth ratio of 0.44 and a beta of 1.88. The business has a fifty day simple moving average of $20.58 and a 200-day simple moving average of $15.88.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Thursday, October 29th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.06. The firm had revenue of $691.50 million for the quarter, compared to analyst estimates of $671.57 million. Fortrea had a positive return on equity of 13.98% and a negative net margin of 2.58%. On average, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Mizuho raised their target price on shares of Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. TD Cowen lifted their target price on shares of Fortrea from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Truist Financial boosted their price target on shares of Fortrea from $26.00 to $29.00 and gave the company a “buy” rating in a report on Friday, October 30th. Wall Street Zen lowered shares of Fortrea from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Finally, Zacks Research downgraded shares of Fortrea from a “hold” rating to a “strong sell” rating in a research report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Fortrea currently has an average rating of “Hold” and an average price target of $23.95.

Fortrea Company Profile

Fortrea Holdings Inc is a global contract research organization that provides clinical development and patient access services to pharmaceutical, biotechnology and medical device companies. The company supports the development of medicines and medical products from early research through later-stage clinical trials and post-approval studies.

Its services include clinical trial planning and management, clinical pharmacology, patient recruitment and engagement, data management, regulatory support and related consulting.