Prosight Management LP Takes $1.03 Million Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Prosight Management LP bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 55,100 shares of the company's stock, valued at approximately $1,028,000. Prosight Management LP owned 0.06% of Fortrea at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTRE. JPMorgan Chase & Co. lifted its position in shares of Fortrea by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock worth $7,288,000 after purchasing an additional 63,766 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Fortrea during the 4th quarter worth approximately $300,000. Alliancebernstein L.P. raised its position in shares of Fortrea by 107.3% in the 4th quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock worth $2,086,000 after acquiring an additional 57,879 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Fortrea during the fourth quarter valued at approximately $1,082,000. Finally, Norges Bank purchased a new stake in Fortrea in the fourth quarter worth $330,000.

Fortrea Stock Performance

FTRE stock traded up $0.30 during midday trading on Tuesday, reaching $4.75. The stock had a trading volume of 1,041,199 shares, compared to its average volume of 2,305,154. The firm has a fifty day simple moving average of $6.55 and a two-hundred day simple moving average of $13.80. Fortrea Holdings Inc. has a 52-week low of $4.24 and a 52-week high of $28.41. 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 stock has a market cap of $429.42 million, a PE ratio of -1.39, a P/E/G ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.09. The firm had revenue of $651.30 million during the quarter, compared to analysts' expectations of $609.63 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Cowen restated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. The Goldman Sachs Group decreased their target price on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. William Blair restated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Truist Financial initiated coverage on Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target for the company. Finally, Evercore ISI cut their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to MarketBeat.com, Fortrea currently has a consensus rating of "Hold" and a consensus 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.