Easterly Investment Partners LLC Purchases Shares of 101,986 Fortrea Holdings Inc. (NASDAQ:FTRE)

Easterly Investment Partners LLC bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 101,986 shares of the company’s stock, valued at approximately $1,902,000. Easterly Investment Partners LLC owned 0.11% of Fortrea as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTRE. Cullen Frost Bankers Inc. lifted its position in Fortrea by 31.9% during the 4th 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 period. AlphaQuest LLC purchased a new position in Fortrea in the fourth quarter worth $117,000. Whalen Wealth Management Inc. purchased a new stake in shares of Fortrea during the 4th quarter worth $204,000. Verition Fund Management LLC acquired a new stake in shares of Fortrea in the third quarter valued at about $220,000. Finally, Centiva Capital LP acquired a new stake in shares of Fortrea in the 3rd quarter worth approximately $220,000.

Insiders Place Their Bets

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 13,029 shares of company stock worth $226,168 over the last ninety days. 0.12% of the stock is currently owned by company insiders.

Fortrea Stock Down 3.3 %

Fortrea stock opened at $8.45 on Thursday. Fortrea Holdings Inc. has a one year low of $8.27 and a one year high of $40.63. 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 firm has a market capitalization of $762.19 million, a P/E ratio of -2.47, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a 50-day simple moving average of $13.78 and a 200-day simple moving average of $17.63.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the business posted $0.19 EPS. As a group, equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Evercore ISI decreased their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group decreased their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $19.00.

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.