Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Coliseum Capital Management LLC

Coliseum Capital Management LLC trimmed its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 32.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,227,065 shares of the company's stock after selling 580,000 shares during the period. Fortrea comprises 1.9% of Coliseum Capital Management LLC's investment portfolio, making the stock its 13th biggest holding. Coliseum Capital Management LLC owned approximately 1.37% of Fortrea worth $22,885,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. D. E. Shaw & Co. Inc. acquired a new position in shares of Fortrea during the 4th quarter worth $226,000. Corvex Management LP lifted its position in shares of Fortrea by 56.7% during the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock valued at $64,919,000 after acquiring an additional 1,260,156 shares during the period. Crestline Management LP purchased a new stake in shares of Fortrea during the 4th quarter worth approximately $479,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Fortrea in the 4th quarter worth approximately $893,000. Finally, Casdin Capital LLC purchased a new position in Fortrea in the 4th quarter valued at approximately $5,129,000.

Fortrea Trading Up 3.2 %

FTRE stock traded up $0.19 on Friday, hitting $6.14. 4,131,258 shares of the company were exchanged, compared to its average volume of 1,696,994. The stock has a market capitalization of $555.92 million, a price-to-earnings ratio of -1.80, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. The business's fifty day moving average is $7.22 and its two-hundred day moving average is $14.34. Fortrea Holdings Inc. has a twelve month low of $4.77 and a twelve month high of $29.32. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FTRE. Barclays reaffirmed an "underweight" rating and set a $6.00 price target (down previously from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. The Goldman Sachs Group cut 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. Mizuho lowered 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. William Blair reissued a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Finally, Truist Financial assumed coverage on Fortrea in a research note on Friday, May 2nd. They set 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. Based on data from MarketBeat.com, Fortrea presently has an average rating of "Hold" and a consensus target price of $15.82.

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.