GAMMA Investing LLC Boosts Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

GAMMA Investing LLC lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 6,216.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 59,245 shares of the company's stock after purchasing an additional 58,307 shares during the period. GAMMA Investing LLC owned 0.07% of Fortrea worth $447,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of FTRE. Point72 Asia Singapore Pte. Ltd. bought a new position in Fortrea in the fourth quarter worth approximately $30,000. GF Fund Management CO. LTD. bought a new position in Fortrea in the fourth quarter worth approximately $35,000. Covestor Ltd raised its stake in 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 stake in 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. Finally, Cullen Frost Bankers Inc. raised its stake in Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after buying an additional 1,361 shares in the last quarter.

Fortrea Stock Performance

Shares of NASDAQ FTRE traded down $0.13 during mid-day trading on Friday, hitting $5.32. The stock had a trading volume of 4,333,934 shares, compared to its average volume of 1,885,181. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50 day moving average of $5.22 and a two-hundred day moving average of $11.36. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $28.41. The firm has a market cap of $481.46 million, a PE ratio of -0.61, a PEG ratio of 0.37 and a beta of 1.59.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. The firm had revenue of $651.30 million for the quarter, compared to the consensus estimate of $609.63 million. Research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Citigroup reissued a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Evercore ISI reduced their price target on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research report on Tuesday, March 4th. Cowen reaffirmed a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. The Goldman Sachs Group reduced their price target on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Finally, Barclays reduced their price target on Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target 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.