Jacobs Levy Equity Management Inc. Sells 273,974 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Jacobs Levy Equity Management Inc. decreased its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 24.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 861,645 shares of the company's stock after selling 273,974 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.96% of Fortrea worth $16,070,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FTRE. Covestor Ltd raised its holdings in shares of Fortrea by 57.7% during the fourth quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after purchasing an additional 1,593 shares during the period. Quarry LP lifted its holdings in Fortrea by 1,218.7% during the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after acquiring an additional 4,034 shares during the period. Cullen Frost Bankers Inc. increased its holdings in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after buying an additional 1,361 shares during the last quarter. AlphaQuest LLC purchased a new position in Fortrea in the fourth quarter valued at approximately $117,000. Finally, Tower Research Capital LLC TRC grew its holdings in Fortrea by 140.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock valued at $198,000 after purchasing an additional 6,205 shares during the period.

Fortrea Price Performance

NASDAQ:FTRE traded down $0.31 during trading hours on Friday, hitting $4.44. 4,310,081 shares of the company's stock traded hands, compared to its average volume of 1,765,227. Fortrea Holdings Inc. has a 52 week low of $4.34 and a 52 week high of $28.77. The business's fifty day simple moving average is $6.77 and its two-hundred day simple moving average is $14.02. 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 has a market cap of $402.00 million, a P/E ratio of -1.30, a P/E/G ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. On average, research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FTRE shares. The Goldman Sachs Group dropped their price target on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday. Barclays cut their target price on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Tuesday. Mizuho lowered their price target on shares of Fortrea from $10.00 to $8.00 and set a "neutral" rating on the stock in a research report on Wednesday. Truist Financial began coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price objective for the company. Finally, Robert W. Baird set a $12.00 target price on Fortrea in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to MarketBeat.com, Fortrea currently has an average rating of "Hold" and an average target price of $15.00.

About Fortrea

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.