Peapack Gladstone Financial Corp Lowers Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Peapack Gladstone Financial Corp cut its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 23.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,713 shares of the company’s stock after selling 9,855 shares during the period. Peapack Gladstone Financial Corp’s holdings in Fortrea were worth $634,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Starboard Value LP boosted its position in shares of Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after purchasing an additional 400,000 shares in the last quarter. Sessa Capital IM L.P. boosted its position in shares of Fortrea by 2.3% in the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after purchasing an additional 158,044 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Fortrea by 5,021,169.7% in the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after purchasing an additional 6,125,827 shares in the last quarter. FMR LLC boosted its position in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after purchasing an additional 2,304,677 shares in the last quarter. Finally, State Street Corp lifted its position in Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after acquiring an additional 233,577 shares in the last quarter.

Fortrea Trading Down 1.3 %

NASDAQ:FTRE opened at $20.00 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -5.85, a price-to-earnings-growth ratio of 2.94 and a beta of 1.16. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The business has a fifty day moving average price of $19.65 and a 200-day moving average price of $22.16.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FTRE. TD Cowen upped their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, The Goldman Sachs Group decreased their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.30.

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.