Starboard Value LP Cuts Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Starboard Value LP lowered its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 11.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,478,000 shares of the company's stock after selling 922,000 shares during the quarter. Fortrea accounts for about 2.5% of Starboard Value LP's portfolio, making the stock its 16th largest position. Starboard Value LP owned about 8.34% of Fortrea worth $139,465,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of FTRE. Tang Capital Management LLC purchased a new stake in shares of Fortrea in the fourth quarter valued at $1,865,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fortrea in the fourth quarter valued at $30,000. Redwood Investment Management LLC raised its stake in shares of Fortrea by 6.2% in the fourth quarter. Redwood Investment Management LLC now owns 126,127 shares of the company's stock valued at $2,352,000 after acquiring an additional 7,390 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Fortrea in the fourth quarter valued at $7,787,000. Finally, Prosight Management LP purchased a new stake in shares of Fortrea in the fourth quarter valued at $1,028,000.

Fortrea Stock Down 10.4%

Shares of NASDAQ:FTRE traded down $0.49 during trading hours on Wednesday, hitting $4.20. The company's stock had a trading volume of 3,810,333 shares, compared to its average volume of 1,786,909. Fortrea Holdings Inc. has a 52 week low of $4.20 and a 52 week high of $28.41. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market capitalization of $380.10 million, a price-to-earnings ratio of -1.23, a P/E/G ratio of 1.78 and a beta of 2.15. The firm's fifty day moving average price is $6.45 and its 200 day moving average price is $13.73.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $651.30 million during the quarter, compared to analyst estimates of $609.63 million. As a group, research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Ratings Changes

FTRE has been the topic of several recent analyst reports. Robert W. Baird set a $12.00 target price on shares of Fortrea in a research note on Tuesday, March 4th. Evercore ISI decreased their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Barclays decreased their price objective on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Tuesday, May 13th. Mizuho decreased their price objective on shares of Fortrea from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. Finally, The Goldman Sachs Group decreased their price objective on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. Two analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $15.00.

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.