Gotham Asset Management LLC Grows Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Gotham Asset Management LLC lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 47.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,250 shares of the company’s stock after buying an additional 44,543 shares during the quarter. Gotham Asset Management LLC owned approximately 0.15% of Fortrea worth $2,578,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTRE. FMR LLC grew its position 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 period. Corvex Management LP grew its position in shares of Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock worth $64,919,000 after buying an additional 1,260,156 shares during the period. Renaissance Technologies LLC grew its position in shares of Fortrea by 2,996.0% in the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company’s stock worth $6,005,000 after buying an additional 311,582 shares during the period. Peregrine Capital Management LLC purchased a new stake in shares of Fortrea in the 4th quarter worth about $5,627,000. Finally, Casdin Capital LLC purchased a new stake in shares of Fortrea in the 4th quarter worth about $5,129,000.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $4.75 on Friday. The firm’s 50-day moving average price is $6.77 and its 200-day moving average price is $14.02. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a market cap of $430.07 million, a PE ratio of -1.39, a PEG ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a 52-week low of $4.34 and a 52-week high of $28.77.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $651.30 million for the quarter, compared to the consensus estimate of $609.63 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on FTRE shares. The Goldman Sachs Group reduced their target price on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday. 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 research report on Tuesday. Evercore ISI cut 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 cut their price objective on shares of Fortrea from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.00.

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.