AQR Capital Management LLC Has $7.25 Million Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

AQR Capital Management LLC increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 23.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 388,503 shares of the company’s stock after purchasing an additional 74,175 shares during the quarter. AQR Capital Management LLC owned approximately 0.43% of Fortrea worth $7,246,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Fortrea by 67.7% during 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 period. Renaissance Technologies LLC grew its holdings in Fortrea by 2,996.0% during the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company’s stock worth $6,005,000 after acquiring an additional 311,582 shares during the period. Peregrine Capital Management LLC acquired a new position in shares of Fortrea in the 4th quarter valued at $5,627,000. Trexquant Investment LP bought a new position in shares of Fortrea in the 4th quarter worth $4,621,000. Finally, Kennedy Capital Management LLC grew its stake in shares of Fortrea by 43.6% during the fourth quarter. Kennedy Capital Management LLC now owns 568,897 shares of the company’s stock worth $10,610,000 after purchasing an additional 172,856 shares during the period.

Fortrea Stock Performance

Shares of Fortrea stock opened at $5.63 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $509.74 million, a price-to-earnings ratio of -1.65, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a one year low of $4.77 and a one year high of $36.35. The stock’s 50-day moving average is $7.41 and its 200-day moving average is $14.54.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the prior year, the firm earned $0.19 EPS. Equities analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTRE. The Goldman Sachs Group reduced their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Evercore ISI decreased 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. Mizuho lowered their target price on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Barclays reissued an “underweight” rating and set a $6.00 price target (down from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. Finally, Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to MarketBeat, Fortrea currently has a consensus rating of “Hold” and a consensus price target of $15.82.

Fortrea 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.