Casdin Capital LLC Purchases Shares of 275,000 Fortrea Holdings Inc. (NASDAQ:FTRE)

Casdin Capital LLC purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 275,000 shares of the company's stock, valued at approximately $5,129,000. Fortrea accounts for about 0.3% of Casdin Capital LLC's holdings, making the stock its 29th biggest position. Casdin Capital LLC owned 0.31% of Fortrea as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd raised its position in shares of Fortrea by 57.7% during the fourth quarter. Covestor Ltd now owns 4,356 shares of the company's stock worth $81,000 after purchasing an additional 1,593 shares during the period. Quarry LP lifted 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 acquiring an additional 4,034 shares during the last quarter. Cullen Frost Bankers Inc. grew its holdings 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 bought a new position in shares of Fortrea in the fourth quarter valued at about $117,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Fortrea by 140.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock worth $198,000 after purchasing an additional 6,205 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on FTRE shares. Mizuho reduced their target price on Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Evercore ISI reduced their target price on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group lowered their price objective on Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Truist Financial started coverage on shares of Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target for the company. Finally, Barclays restated an "underweight" rating and set a $6.00 price objective (down previously from $12.00) on shares of Fortrea in a report on Thursday, April 10th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to MarketBeat.com, Fortrea currently has a consensus rating of "Hold" and an average target price of $15.82.

Fortrea Stock Up 3.2 %

Shares of NASDAQ FTRE traded up $0.19 during mid-day trading on Friday, reaching $6.14. The company had a trading volume of 4,131,258 shares, compared to its average volume of 1,696,994. The firm has a 50 day simple moving average of $7.22 and a two-hundred day simple moving average of $14.34. Fortrea Holdings Inc. has a 52-week low of $4.77 and a 52-week 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 stock has a market cap of $555.92 million, a P/E ratio of -1.80, a PEG ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter in the previous year, the firm posted $0.19 EPS. Sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Fortrea Company 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.