59,850 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Purchased by Algert Global LLC

Algert Global LLC acquired a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 59,850 shares of the company's stock, valued at approximately $1,116,000. Algert Global LLC owned 0.07% of Fortrea as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Covestor Ltd lifted its holdings in shares of Fortrea by 57.7% in the fourth quarter. Covestor Ltd now owns 4,356 shares of the company's stock worth $81,000 after buying an additional 1,593 shares in the last quarter. Quarry LP raised its position in shares of Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after buying an additional 4,034 shares in 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 purchased a new position in Fortrea during the fourth quarter worth about $117,000. Finally, Tower Research Capital LLC TRC increased its stake in Fortrea by 140.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock worth $198,000 after acquiring an additional 6,205 shares during the last quarter.

Fortrea Trading Down 4.4%

NASDAQ:FTRE traded down $0.22 during midday trading on Wednesday, reaching $4.78. 6,345,982 shares of the stock traded hands, compared to its average volume of 1,736,694. The stock has a market capitalization of $432.78 million, a P/E ratio of -1.40, a PEG ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a 12 month low of $4.50 and a 12 month high of $29.32. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a fifty day moving average of $7.00 and a 200 day moving average of $14.17.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results 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. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $651.30 million for the quarter, compared to analysts' expectations of $609.63 million. On average, research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTRE. Truist Financial began coverage on shares of Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 target price on the stock. The Goldman Sachs Group cut their target price on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Wednesday. William Blair restated a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Barclays reduced their price target on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Tuesday. Finally, Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $15.00.

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.