Tang Capital Management LLC Purchases New Shares in Fortrea Holdings Inc. (NASDAQ:FTRE)

Tang Capital Management LLC bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 100,000 shares of the company's stock, valued at approximately $1,865,000. Tang Capital Management LLC owned approximately 0.11% of Fortrea at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Fortrea by 67.7% during the fourth quarter. FMR LLC now owns 8,086,806 shares of the company's stock valued at $150,819,000 after acquiring an additional 3,265,402 shares in the last quarter. Corvex Management LP grew its position in Fortrea by 56.7% during the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock worth $64,919,000 after purchasing an additional 1,260,156 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Fortrea during the 4th quarter valued at approximately $7,787,000. Renaissance Technologies LLC increased its stake in Fortrea by 2,996.0% during the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company's stock valued at $6,005,000 after purchasing an additional 311,582 shares in the last quarter. Finally, Peregrine Capital Management LLC purchased a new position in shares of Fortrea in the fourth quarter worth $5,627,000.

Fortrea Stock Performance

Fortrea stock traded down $0.49 during mid-day trading on Wednesday, hitting $4.20. The company had a trading volume of 3,810,333 shares, compared to its average volume of 1,786,909. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 12-month low of $4.20 and a 12-month high of $28.41. The company's fifty day moving average is $6.45 and its 200-day moving average is $13.73. 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.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on FTRE shares. Mizuho decreased their price target 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. William Blair reiterated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Barclays dropped their price target on Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 13th. Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Finally, Evercore ISI dropped 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. Two equities research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. Based on data from MarketBeat, the company 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.