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

PDT Partners LLC cut its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 37.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 88,233 shares of the company’s stock after selling 51,722 shares during the quarter. PDT Partners LLC owned 0.10% of Fortrea worth $1,646,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Willis Investment Counsel increased its position in shares of Fortrea by 0.6% in the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock valued at $3,459,000 after purchasing an additional 1,138 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after purchasing an additional 1,361 shares during the period. Covestor Ltd grew its position in shares of Fortrea by 57.7% during the fourth quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after acquiring an additional 1,593 shares during the last quarter. Swiss National Bank grew its position in Fortrea by 1.0% during the 4th quarter. Swiss National Bank now owns 167,420 shares of the company’s stock worth $3,122,000 after purchasing an additional 1,600 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Fortrea by 5.0% during the fourth quarter. KBC Group NV now owns 35,031 shares of the company’s stock worth $654,000 after buying an additional 1,659 shares during the last quarter.

Fortrea Stock Performance

NASDAQ:FTRE opened at $6.33 on Wednesday. The firm’s fifty day simple moving average is $8.45 and its 200 day simple moving average is $15.06. The firm has a market capitalization of $570.97 million, a price-to-earnings ratio of -1.85, a PEG ratio of 1.78 and a beta of 2.10. Fortrea Holdings Inc. has a twelve month low of $4.77 and a twelve month high of $37.84. 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 (NASDAQ:FTRE) last posted its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million for the quarter, compared to analyst estimates 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 previous year, the firm posted $0.19 earnings per share. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on shares of Fortrea in a report on Tuesday, March 4th. Mizuho dropped their price target on Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. 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 research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.70.

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.