Casdin Capital LLC bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 275,000 shares of the company's stock, valued at approximately $5,129,000. Fortrea makes up about 0.3% of Casdin Capital LLC's investment portfolio, making the stock its 29th largest position. Casdin Capital LLC owned about 0.31% of Fortrea at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of FTRE. Covestor Ltd grew its stake 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 period. Quarry LP increased its stake in Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $81,000 after purchasing an additional 4,034 shares during the last quarter. Cullen Frost Bankers Inc. lifted 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 buying an additional 1,361 shares during the period. AlphaQuest LLC acquired a new stake in Fortrea in the 4th quarter worth about $117,000. Finally, Tower Research Capital LLC TRC grew its holdings in Fortrea by 140.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock valued at $198,000 after buying an additional 6,205 shares during the period.
Fortrea Price Performance
Shares of FTRE opened at $5.93 on Tuesday. The firm has a market capitalization of $536.90 million, a price-to-earnings ratio of -1.73, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. The stock's fifty day moving average is $7.74 and its 200-day moving average is $14.67. Fortrea Holdings Inc. has a one year low of $4.77 and a one year high of $37.24. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.
Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS 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 company had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. During the same quarter last year, the firm posted $0.19 earnings per share. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on FTRE. Barclays reiterated an "underweight" rating and set a $6.00 price objective (down from $12.00) on shares of Fortrea in a report on Thursday, April 10th. Robert W. Baird set a $12.00 target price on Fortrea in a report on Tuesday, March 4th. Truist Financial assumed coverage on Fortrea in a research report on Friday. They issued a "hold" rating and a $7.00 price objective on the stock. The Goldman Sachs Group decreased their target price on Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Finally, Evercore ISI decreased their price target on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat.com, Fortrea presently has an average rating of "Hold" and an average price target of $15.82.
Get Our Latest Analysis on FTRE
Fortrea Profile
(
Free Report)
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.
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