Clearline Capital LP Sells 31,473 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Clearline Capital LP reduced its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 12.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 218,060 shares of the company’s stock after selling 31,473 shares during the period. Clearline Capital LP owned 0.24% of Fortrea worth $4,361,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in shares of Fortrea by 5,021,169.7% during the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after acquiring an additional 6,125,827 shares in the last quarter. Baupost Group LLC MA grew its position in Fortrea by 933.7% during the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after buying an additional 2,836,563 shares in the last quarter. FMR LLC lifted its position in shares of Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after acquiring an additional 2,304,677 shares during the period. Magnetar Financial LLC raised its position in shares of Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock valued at $46,350,000 after buying an additional 1,381,489 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in shares of Fortrea during the 2nd quarter worth approximately $23,192,000.

Fortrea Trading Down 2.3 %

Shares of FTRE opened at $21.05 on Monday. The firm has a market cap of $1.89 billion, a P/E ratio of -6.15, a price-to-earnings-growth ratio of 3.18 and a beta of 0.70. Fortrea Holdings Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $41.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The business has a 50-day moving average of $19.35 and a 200 day moving average of $22.53.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FTRE shares. Jefferies Financial Group downgraded shares of Fortrea from a “buy” rating to a “hold” rating and reduced their price target for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. Citigroup reduced their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Evercore ISI decreased their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Finally, Bank of America dropped their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $24.50.

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.