55,100 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Bought by Prosight Management LP

Prosight Management LP bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 55,100 shares of the company’s stock, valued at approximately $1,028,000.

A number of other large investors have also recently added to or reduced their stakes in FTRE. JPMorgan Chase & Co. increased its holdings in Fortrea by 21.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after purchasing an additional 63,766 shares in the last quarter. Penn Davis Mcfarland Inc. increased its holdings in Fortrea by 0.8% during the 4th quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company’s stock worth $20,628,000 after purchasing an additional 8,884 shares in the last quarter. SG Americas Securities LLC bought a new position in Fortrea during the 4th quarter worth about $227,000. Whalen Wealth Management Inc. bought a new position in Fortrea during the 4th quarter worth about $204,000. Finally, KBC Group NV increased its holdings in Fortrea by 5.0% during the 4th quarter. KBC Group NV now owns 35,031 shares of the company’s stock worth $654,000 after purchasing an additional 1,659 shares in the last quarter.

Fortrea Trading Down 4.4%

Shares of FTRE stock opened at $4.78 on Thursday. The firm has a 50 day moving average price of $6.88 and a two-hundred day moving average price of $14.11. 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 company has a market capitalization of $432.78 million, a PE ratio of -1.40, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a 12-month low of $4.49 and a 12-month high of $29.32.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.09. The firm had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. As a group, analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FTRE. Evercore ISI decreased their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. William Blair restated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Barclays decreased their price objective on Fortrea from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Tuesday. The Goldman Sachs Group decreased their price objective on Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Truist Financial began coverage on Fortrea in a report on Friday, May 2nd. They issued a “hold” rating and a $7.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat, Fortrea presently has a consensus rating of “Hold” and an average price target of $15.00.

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.