Fortrea Holdings Inc. $FTRE Shares Newly Bought by Penn Capital Management Company LLC

Key Points

• Penn Capital Management bought 1.14 million Fortrea shares in the third quarter, worth about $22.8 million; the position represents 1.18% of Fortrea and 1.7% of Penn Capital’s portfolio.
• Analyst views are mixed: the consensus rating is Hold with a $23.95 price target, although TD Cowen and Deutsche Bank recently raised their ratings or targets.
• Fortrea reported quarterly EPS of $0.28, beating the $0.22 consensus, and revenue of $691.5 million, above the $671.6 million estimate.

Penn Capital Management Company LLC acquired a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,140,647 shares of the company's stock, valued at approximately $22,793,000. Fortrea makes up about 1.7% of Penn Capital Management Company LLC's investment portfolio, making the stock its 6th biggest position. Penn Capital Management Company LLC owned 1.18% of Fortrea at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. WINTON GROUP Ltd increased its position in shares of Fortrea by 26.7% in the 2nd quarter. WINTON GROUP Ltd now owns 389,155 shares of the company's stock worth $6,771,000 after purchasing an additional 82,059 shares during the last quarter. Eagle Health Investments LP raised its stake in shares of Fortrea by 7.3% in the 1st quarter. Eagle Health Investments LP now owns 1,307,560 shares of the company's stock valued at $12,317,000 after purchasing an additional 89,000 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Fortrea during the second quarter worth about $41,488,000. Assenagon Asset Management S.A. lifted its position in shares of Fortrea by 90.7% during the second quarter. Assenagon Asset Management S.A. now owns 173,129 shares of the company's stock worth $3,012,000 after purchasing an additional 82,349 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Fortrea during the first quarter worth about $2,990,000.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FTRE. TD Cowen upped their price target on Fortrea from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Monday, November 2nd. Jefferies Financial Group restated a "hold" rating and set a $21.50 price objective on shares of Fortrea in a research note on Friday, October 30th. Robert W. Baird set a $23.00 price objective on shares of Fortrea in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of Fortrea from a "hold" rating to a "buy" rating and boosted their target price for the company from $20.00 to $25.00 in a research note on Thursday, October 15th. Finally, William Blair raised shares of Fortrea to a "hold" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $23.95.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $22.24 on Tuesday. The stock has a fifty day moving average price of $20.58 and a two-hundred day moving average price of $15.88. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $2.15 billion, a P/E ratio of -30.47, a PEG ratio of 0.44 and a beta of 1.88. Fortrea Holdings Inc. has a 1 year low of $8.55 and a 1 year high of $26.16.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.06. The company had revenue of $691.50 million for the quarter, compared to the consensus estimate of $671.57 million. Fortrea had a positive return on equity of 13.98% and a negative net margin of 2.58%. Research analysts forecast that Fortrea Holdings Inc. will post 0.85 EPS for the current fiscal year.

Fortrea Profile

Fortrea Holdings Inc is a global contract research organization that provides clinical development and patient access services to pharmaceutical, biotechnology and medical device companies. The company supports the development of medicines and medical products from early research through later-stage clinical trials and post-approval studies.

Its services include clinical trial planning and management, clinical pharmacology, patient recruitment and engagement, data management, regulatory support and related consulting.

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