Baupost Group LLC MA Grows Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Baupost Group LLC MA increased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 933.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,140,360 shares of the company’s stock after purchasing an additional 2,836,563 shares during the quarter. Fortrea accounts for 2.0% of Baupost Group LLC MA’s portfolio, making the stock its 16th largest position. Baupost Group LLC MA owned about 3.51% of Fortrea worth $73,296,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FTRE. nVerses Capital LLC purchased a new position in shares of Fortrea in the 2nd quarter worth $26,000. Gladius Capital Management LP purchased a new position in Fortrea in the second quarter worth about $30,000. Concord Wealth Partners grew its stake in shares of Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares during the period. Blue Trust Inc. increased its position in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after purchasing an additional 1,434 shares during the last quarter. Finally, Parallel Advisors LLC purchased a new stake in shares of Fortrea during the 4th quarter valued at about $36,000.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Mizuho assumed coverage on shares of Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. Evercore ISI lowered Fortrea from an “outperform” rating to an “in-line” rating and reduced their price objective for the stock from $31.00 to $27.00 in a research note on Thursday, August 8th. The Goldman Sachs Group assumed coverage on Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price on the stock. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. Finally, Barclays reduced their price target on Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $27.20.

Fortrea Trading Up 0.2 %

FTRE stock opened at $23.90 on Friday. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -17.19, a PEG ratio of 2.02 and a beta of 0.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. Fortrea Holdings Inc. has a 1-year low of $18.07 and a 1-year high of $41.02. The business has a 50 day simple moving average of $23.75 and a two-hundred day simple moving average of $28.93.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The business’s revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share. Research analysts anticipate that Fortrea Holdings Inc. will post 0.6 EPS for the current fiscal year.

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.