Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Holdings Lifted by Kennedy Capital Management LLC

Kennedy Capital Management LLC lifted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 43.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 568,897 shares of the company's stock after acquiring an additional 172,856 shares during the quarter. Kennedy Capital Management LLC owned 0.63% of Fortrea worth $10,610,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cullen Frost Bankers Inc. lifted its position in shares of Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after acquiring an additional 1,361 shares during the period. AlphaQuest LLC bought a new position in shares of Fortrea during the fourth quarter worth $117,000. Whalen Wealth Management Inc. acquired a new stake in shares of Fortrea during the fourth quarter worth about $204,000. Summit Securities Group LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at about $205,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Fortrea by 21.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock worth $207,000 after buying an additional 1,986 shares in the last quarter.

Fortrea Stock Performance

FTRE traded up $0.38 during trading on Wednesday, hitting $5.24. 1,154,148 shares of the stock were exchanged, compared to its average volume of 1,592,098. 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 stock has a fifty day moving average price of $10.35 and a two-hundred day moving average price of $16.00. Fortrea Holdings Inc. has a 1-year low of $4.71 and a 1-year high of $38.04. The firm has a market capitalization of $472.65 million, a P/E ratio of -1.53, a PEG ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter last year, the company posted $0.19 EPS. As a group, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTRE has been the topic of a number of recent analyst reports. Barclays reissued an "underweight" rating and set a $6.00 price target (down previously from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. The Goldman Sachs Group dropped their price objective on Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Finally, Mizuho cut their price target on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to data from MarketBeat, Fortrea has a consensus rating of "Hold" and a consensus price target of $16.70.

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.