Balyasny Asset Management L.P. Purchases New Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Balyasny Asset Management L.P. bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 245,126 shares of the company's stock, valued at approximately $4,572,000. Balyasny Asset Management L.P. owned about 0.27% of Fortrea as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Covestor Ltd grew its position in shares of Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after buying an additional 1,593 shares during the last quarter. Quarry LP increased its position in shares of Fortrea by 1,218.7% during the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $81,000 after acquiring an additional 4,034 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after buying an additional 1,361 shares during the period. AlphaQuest LLC bought a new stake in Fortrea during the fourth quarter worth about $117,000. Finally, Tower Research Capital LLC TRC increased its holdings 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 worth $198,000 after buying an additional 6,205 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FTRE shares. Robert W. Baird set a $12.00 price target on Fortrea in a report on Tuesday, March 4th. Barclays cut their price objective on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Tuesday. William Blair reiterated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Mizuho cut their target price on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Finally, Truist Financial initiated coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price objective on the stock. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company's stock. According to MarketBeat, Fortrea has an average rating of "Hold" and a consensus price target of $15.73.

Fortrea Trading Down 3.7%

Shares of FTRE stock traded down $0.19 during trading hours on Tuesday, reaching $5.00. 7,105,578 shares of the stock were exchanged, compared to its average volume of 1,722,342. Fortrea Holdings Inc. has a 12-month low of $4.55 and a 12-month high of $29.32. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $452.70 million, a price-to-earnings ratio of -1.46, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. The company's 50-day moving average price is $7.00 and its 200-day moving average price is $14.17.

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