Universal Beteiligungs und Servicegesellschaft mbH Takes Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has acquired a $682,000 stake in Fortrea Holdings Inc., purchasing 90,323 shares in the first quarter, representing 0.10% ownership of the company.
• Several hedge funds have adjusted their positions in FTRE, with Covestor Ltd increasing its stake by 57.7% and Quarry LP boosting its stake by a significant 1,218.7% during the fourth quarter.
• Fortrea's stock has recently been downgraded with new price targets set by various analysts, including a cut from $7.00 to $5.00 by Goldman Sachs, reflecting a current average target price of $14.00.

Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 90,323 shares of the company's stock, valued at approximately $682,000. Universal Beteiligungs und Servicegesellschaft mbH owned 0.10% of Fortrea as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of FTRE. FMR LLC grew its holdings in shares of Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company's stock worth $150,819,000 after purchasing an additional 3,265,402 shares in the last quarter. Corvex Management LP increased its stake in shares of Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock valued at $64,919,000 after purchasing an additional 1,260,156 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Fortrea during the first quarter worth $9,232,000. Point72 Asset Management L.P. bought a new position in Fortrea during the fourth quarter worth $7,787,000. Finally, Renaissance Technologies LLC raised its stake in Fortrea by 2,996.0% during the fourth quarter. Renaissance Technologies LLC now owns 321,982 shares of the company's stock worth $6,005,000 after buying an additional 311,582 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on FTRE shares. Evercore ISI cut their target price on Fortrea from $6.00 to $5.00 and set an "in-line" rating on the stock in a report on Wednesday, July 9th. Mizuho cut their target price on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday. Truist Financial started coverage on shares of Fortrea in a report on Friday, May 2nd. They set a "hold" rating and a $7.00 price target on the stock. Finally, The Goldman Sachs Group reduced their target price on 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, ten have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $13.73.

Fortrea Trading Down 2.0%

Shares of NASDAQ:FTRE traded down $0.13 during trading on Wednesday, reaching $6.43. The company's stock had a trading volume of 1,779,549 shares, compared to its average volume of 2,374,885. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $26.59. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm's 50 day simple moving average is $5.34 and its two-hundred day simple moving average is $8.20. The stock has a market capitalization of $581.92 million, a PE ratio of -0.73, a price-to-earnings-growth ratio of 0.44 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.13. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. On average, research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal 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.