PDT Partners LLC Trims Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

PDT Partners LLC reduced its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 37.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 88,233 shares of the company's stock after selling 51,722 shares during the period. PDT Partners LLC owned approximately 0.10% of Fortrea worth $1,646,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. AQR Capital Management LLC grew its holdings in Fortrea by 23.6% during the fourth quarter. AQR Capital Management LLC now owns 388,503 shares of the company's stock worth $7,246,000 after acquiring an additional 74,175 shares during the period. Northern Trust Corp grew its stake in shares of Fortrea by 28.2% during the 4th quarter. Northern Trust Corp now owns 697,275 shares of the company's stock worth $13,004,000 after purchasing an additional 153,184 shares during the period. Quarry LP increased its holdings in shares of Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $81,000 after purchasing an additional 4,034 shares in the last quarter. Voya Investment Management LLC lifted its stake in shares of Fortrea by 781.1% in the 4th quarter. Voya Investment Management LLC now owns 129,352 shares of the company's stock valued at $2,412,000 after purchasing an additional 114,672 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Fortrea by 7.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 59,630 shares of the company's stock worth $1,113,000 after buying an additional 4,260 shares in the last quarter.

Fortrea Price Performance

Shares of FTRE stock traded up $0.18 during trading hours on Friday, reaching $6.26. The company had a trading volume of 1,299,904 shares, compared to its average volume of 1,661,972. Fortrea Holdings Inc. has a 12-month low of $4.77 and a 12-month high of $37.47. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $564.65 million, a price-to-earnings ratio of -1.83, a PEG ratio of 1.78 and a beta of 2.10. The stock has a fifty day moving average of $7.93 and a 200-day moving average of $14.83.

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

Analyst Ratings Changes

A number of research firms have weighed in on FTRE. Barclays reaffirmed an "underweight" rating and issued a $6.00 price objective (down previously from $12.00) on shares of Fortrea in a report on Thursday, April 10th. The Goldman Sachs Group reduced their price target on Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Truist Financial started coverage on Fortrea in a report on Friday. They issued a "hold" rating and a $7.00 price objective on the stock. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 price target on shares of Fortrea in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $15.82.

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.