HBK Investments L P Has $8.88 Million Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

HBK Investments L P lowered its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 14.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 443,875 shares of the company’s stock after selling 74,658 shares during the period. HBK Investments L P owned 0.49% of Fortrea worth $8,878,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. lifted its position in Fortrea by 5,021,169.7% during the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after purchasing an additional 6,125,827 shares during the period. Baupost Group LLC MA lifted its holdings in Fortrea by 933.7% in the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after buying an additional 2,836,563 shares during the period. FMR LLC boosted its stake in Fortrea by 91.6% in the third 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 last quarter. Magnetar Financial LLC grew its holdings in Fortrea by 228.6% during the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock worth $46,350,000 after acquiring an additional 1,381,489 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new stake in shares of Fortrea during the 2nd quarter valued at $23,192,000.

Fortrea Stock Performance

FTRE stock opened at $21.55 on Friday. The stock has a 50-day moving average price of $19.45 and a two-hundred day moving average price of $22.63. Fortrea Holdings Inc. has a 1 year low of $16.53 and a 1 year high of $41.02. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. TD Cowen lifted their price objective on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Bank of America lowered their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Finally, Evercore ISI reduced their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $24.50.

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.