Voya Investment Management LLC Increases Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Voya Investment Management LLC boosted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 781.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,352 shares of the company's stock after buying an additional 114,672 shares during the quarter. Voya Investment Management LLC owned approximately 0.14% of Fortrea worth $2,412,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Fortrea by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company's stock valued at $184,341,000 after buying an additional 120,599 shares during the last quarter. FMR LLC raised its holdings in Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company's stock valued at $150,819,000 after acquiring an additional 3,265,402 shares during the last quarter. Penn Davis Mcfarland Inc. lifted its stake in Fortrea by 0.8% in the 4th quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company's stock worth $20,628,000 after purchasing an additional 8,884 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fortrea by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 612,897 shares of the company's stock worth $11,431,000 after purchasing an additional 22,469 shares during the last quarter. Finally, Kennedy Capital Management LLC grew its position in shares of Fortrea by 43.6% in the fourth quarter. Kennedy Capital Management LLC now owns 568,897 shares of the company's stock valued at $10,610,000 after purchasing an additional 172,856 shares in the last quarter.

Analyst Ratings Changes

FTRE has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their target price on shares of 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 Fortrea in a report on Tuesday, March 4th. Truist Financial started coverage on Fortrea in a research note on Friday, May 2nd. They set a "hold" rating and a $7.00 target price for the company. Evercore ISI decreased their price target on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research note on Tuesday, March 4th. Finally, Mizuho cut their price objective on Fortrea from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, Fortrea has a consensus rating of "Hold" and an average target price of $15.82.

Fortrea Stock Up 2.2 %

Shares of NASDAQ:FTRE traded up $0.12 during trading hours on Wednesday, reaching $5.63. The stock had a trading volume of 1,933,522 shares, compared to its average volume of 1,672,073. The stock has a market capitalization of $509.74 million, a price-to-earnings ratio of -1.65, a P/E/G ratio of 1.78 and a beta of 2.15. The firm's 50 day moving average is $7.57 and its 200-day moving average is $14.60. Fortrea Holdings Inc. has a 1 year low of $4.77 and a 1 year high of $37.24. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. Research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

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.