Point72 Asset Management L.P. Invests $7.79 Million in Fortrea Holdings Inc. (NASDAQ:FTRE)

Point72 Asset Management L.P. purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 417,553 shares of the company's stock, valued at approximately $7,787,000. Point72 Asset Management L.P. owned approximately 0.47% of Fortrea as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. KLP Kapitalforvaltning AS acquired a new position in shares of Fortrea during the fourth quarter worth approximately $300,000. Alliancebernstein L.P. raised its position in shares of Fortrea by 107.3% during the fourth quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock worth $2,086,000 after purchasing an additional 57,879 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Fortrea during the fourth quarter worth approximately $1,082,000. Norges Bank acquired a new position in shares of Fortrea during the fourth quarter worth approximately $330,000. Finally, Ameriprise Financial Inc. raised its position in shares of Fortrea by 54.8% during the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock worth $9,356,000 after purchasing an additional 177,608 shares during the period.

Wall Street Analysts Forecast Growth

FTRE has been the topic of a number of research reports. Evercore ISI lowered their target price 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. William Blair reaffirmed a "market perform" rating on shares of Fortrea 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 lowered their price target on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. Finally, Barclays dropped their price objective on Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 13th. Two equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $15.00.

Fortrea Stock Down 4.2%

NASDAQ:FTRE traded down $0.18 during trading hours on Friday, hitting $4.06. 2,418,221 shares of the company traded hands, compared to its average volume of 1,793,396. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm's 50-day simple moving average is $6.11 and its 200-day simple moving average is $13.46. Fortrea Holdings Inc. has a one year low of $3.99 and a one year high of $28.41. The company has a market cap of $367.43 million, a PE ratio of -1.19, a PEG ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. The company had revenue of $651.30 million for the quarter, compared to analysts' expectations of $609.63 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. Equities analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

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.