Renaissance Technologies LLC Acquires 311,582 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Renaissance Technologies LLC increased its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 2,996.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,982 shares of the company's stock after acquiring an additional 311,582 shares during the quarter. Renaissance Technologies LLC owned about 0.36% of Fortrea worth $6,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of FTRE. Vanguard Group Inc. increased its stake in shares of Fortrea by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company's stock valued at $184,341,000 after purchasing an additional 120,599 shares in the last quarter. FMR LLC grew its stake in shares of Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company's stock worth $150,819,000 after buying an additional 3,265,402 shares during the last quarter. Geode Capital Management LLC increased its position in Fortrea by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company's stock valued at $30,059,000 after buying an additional 20,825 shares in the last quarter. Penn Davis Mcfarland Inc. raised its stake in Fortrea by 0.8% during the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company's stock valued at $20,628,000 after buying an additional 8,884 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Fortrea by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 612,897 shares of the company's stock worth $11,431,000 after acquiring an additional 22,469 shares in the last quarter.

Fortrea Price Performance

FTRE traded up $0.25 on Thursday, hitting $5.57. 383,078 shares of the company's stock traded hands, compared to its average volume of 1,631,385. The company's 50 day simple moving average is $9.19 and its 200-day simple moving average is $15.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a one year low of $4.77 and a one year high of $38.04. The firm has a market cap of $502.05 million, a price-to-earnings ratio of -1.62, a P/E/G ratio of 1.78 and a beta of 2.10.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FTRE. Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Evercore ISI lowered their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research report on Tuesday, March 4th. Mizuho lowered their price target on Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Barclays reissued an "underweight" rating and issued a $6.00 target price (down from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. Finally, The Goldman Sachs Group reduced their price target on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $16.70.

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.