Tang Capital Management LLC Takes Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Tang Capital Management LLC purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 100,000 shares of the company’s stock, valued at approximately $1,865,000.

Several other hedge funds have also made changes to their positions in FTRE. Penn Davis Mcfarland Inc. grew its stake in shares of Fortrea by 0.8% in the 4th quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company’s stock valued at $20,628,000 after buying an additional 8,884 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $227,000. Whalen Wealth Management Inc. purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $204,000. KBC Group NV grew its stake in shares of Fortrea by 5.0% in the 4th quarter. KBC Group NV now owns 35,031 shares of the company’s stock valued at $654,000 after buying an additional 1,659 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Fortrea by 10.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,020 shares of the company’s stock valued at $355,000 after buying an additional 1,787 shares during the period.

Fortrea Stock Performance

Shares of FTRE stock opened at $4.44 on Friday. 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 Holdings Inc. has a 52 week low of $4.34 and a 52 week high of $28.41. The stock has a market capitalization of $401.82 million, a PE ratio of -1.30, a P/E/G ratio of 1.78 and a beta of 2.15. The firm has a 50 day moving average of $6.66 and a two-hundred day moving average of $13.90.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $651.30 million during the quarter, compared to analysts’ expectations of $609.63 million. On average, research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Truist Financial assumed coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a “hold” rating and a $7.00 price objective on the stock. The Goldman Sachs Group decreased their price objective on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Wednesday. Robert W. Baird set a $12.00 price objective on shares of Fortrea 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 on the stock in a report on Tuesday, March 4th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.00.

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.