Point72 Asset Management L.P. Takes $7.79 Million Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Point72 Asset Management L.P. acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 417,553 shares of the company’s stock, valued at approximately $7,787,000. Point72 Asset Management L.P. owned approximately 0.47% of Fortrea at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its stake in shares of Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after purchasing an additional 1,593 shares during the last quarter. Quarry LP boosted its position in Fortrea by 1,218.7% during the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after acquiring an additional 4,034 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after acquiring an additional 1,361 shares during the last quarter. AlphaQuest LLC purchased a new stake in Fortrea in the 4th quarter worth approximately $117,000. Finally, Nomura Holdings Inc. acquired a new position in Fortrea in the 4th quarter valued at $196,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FTRE shares. Robert W. Baird set a $12.00 price objective on Fortrea in a report on Tuesday, March 4th. Barclays cut their price objective on shares of Fortrea from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Tuesday, May 13th. Truist Financial initiated coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a “hold” rating and a $7.00 target price for the company. Mizuho dropped their price target on shares of Fortrea from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Wednesday, May 14th. Finally, The Goldman Sachs Group decreased their price target on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday, May 14th. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, Fortrea has a consensus rating of “Hold” and an average target price of $15.00.

Fortrea Price Performance

FTRE opened at $4.44 on Monday. Fortrea Holdings Inc. has a 52-week low of $4.34 and a 52-week high of $28.41. The company has a 50 day moving average of $6.66 and a two-hundred day moving average of $13.88. The company has a market cap of $401.82 million, a P/E ratio of -1.30, a P/E/G ratio of 1.78 and a beta of 2.15. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates 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 negative net margin of 10.99% and a positive return on equity of 2.00%. On average, analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current 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.