Eversept Partners LP Decreases Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Eversept Partners LP cut its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 12.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 401,733 shares of the company's stock after selling 56,234 shares during the quarter. Fortrea comprises about 0.7% of Eversept Partners LP's holdings, making the stock its 29th largest position. Eversept Partners LP owned 0.45% of Fortrea worth $7,492,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTRE. Hsbc Holdings PLC bought a new stake in shares of Fortrea during the fourth quarter valued at about $273,000. Stifel Financial Corp grew its stake in Fortrea by 39.8% during the fourth quarter. Stifel Financial Corp now owns 22,520 shares of the company's stock valued at $420,000 after acquiring an additional 6,413 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Fortrea by 140.1% during 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 period. Canada Pension Plan Investment Board lifted its stake in Fortrea by 184.4% in the 4th quarter. Canada Pension Plan Investment Board now owns 12,800 shares of the company's stock worth $239,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Fortrea in the 4th quarter valued at $224,000.

Fortrea Trading Up 1.0 %

Shares of Fortrea stock traded up $0.06 during trading on Friday, reaching $5.92. The company's stock had a trading volume of 1,110,460 shares, compared to its average volume of 1,647,668. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 52-week low of $4.77 and a 52-week high of $38.04. The firm's 50-day moving average is $8.82 and its two-hundred day moving average is $15.21. The company has a market cap of $533.98 million, a price-to-earnings ratio of -1.73, a PEG ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly 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 analysts' expectations 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 company earned $0.19 earnings per share. On average, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Ratings Changes

FTRE has been the topic of several research analyst reports. Robert W. Baird set a $12.00 price target on shares of Fortrea in a report on Tuesday, March 4th. Evercore ISI lowered their price target on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. William Blair reiterated a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their price objective on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Finally, Mizuho lowered their target price on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $16.70.

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.