Fortrea Holdings Inc. (NASDAQ:FTRE) Stake Increased by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its stake in Fortrea Holdings Inc. by 615.1% in the first quarter, owning approximately 129,496 shares valued at $978,000 as per its latest SEC filing.
• Several hedge funds, including Point72 Asia and Quarry LP, have also significantly adjusted their positions in Fortrea, with some reporting increases as high as 1,218.7%.
• Fortrea's stock has seen a recent decline, currently trading at $5.74, with a 52-week high of $27.99, and analysts have set a consensus price target of $14.00, indicating a cautious outlook.

Victory Capital Management Inc. grew its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 615.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 129,496 shares of the company's stock after purchasing an additional 111,388 shares during the period. Victory Capital Management Inc. owned 0.14% of Fortrea worth $978,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. FMR LLC lifted 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 acquiring an additional 3,265,402 shares during the period. Corvex Management LP lifted its holdings in shares of 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 acquiring an additional 1,260,156 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Fortrea during the 1st quarter worth about $9,232,000. Point72 Asset Management L.P. purchased a new position in shares of Fortrea during the 4th quarter worth about $7,787,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Fortrea by 2,996.0% during the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company's stock worth $6,005,000 after acquiring an additional 311,582 shares during the period.

Fortrea Stock Down 4.9%

Shares of FTRE traded down $0.28 during mid-day trading on Friday, reaching $5.46. 1,559,008 shares of the stock traded hands, compared to its average volume of 1,821,269. The firm has a market cap of $494.13 million, a price-to-earnings ratio of -0.62, a P/E/G ratio of 0.37 and a beta of 1.80. The stock has a fifty day simple moving average of $5.25 and a 200 day simple moving average of $8.36. Fortrea Holdings Inc. has a 12-month low of $3.97 and a 12-month high of $27.26. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.22.

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

Analyst Upgrades and Downgrades

FTRE has been the topic of several recent analyst reports. Barclays cut their price objective on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Tuesday, May 13th. Truist Financial started coverage on shares of Fortrea in a research report on Friday, May 2nd. They set a "hold" rating and a $7.00 target price for the company. Evercore ISI reduced their price target on shares of Fortrea from $6.00 to $5.00 and set an "in-line" rating on the stock in a research report on Wednesday, July 9th. Cowen reissued a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Finally, Citigroup restated a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.00.

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.