Tang Capital Management LLC Buys New Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Tang Capital Management LLC bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $1,865,000. Tang Capital Management LLC owned 0.11% of Fortrea at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Penn Davis Mcfarland Inc. raised its position in shares of Fortrea by 0.8% in the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company’s stock worth $20,628,000 after acquiring an additional 8,884 shares during the period. SG Americas Securities LLC acquired a new position in shares of Fortrea in the fourth quarter worth about $227,000. Whalen Wealth Management Inc. acquired a new position in shares of Fortrea in the fourth quarter worth about $204,000. KBC Group NV raised its position in shares of Fortrea by 5.0% in the fourth quarter. KBC Group NV now owns 35,031 shares of the company’s stock worth $654,000 after acquiring an additional 1,659 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Fortrea by 10.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 19,020 shares of the company’s stock worth $355,000 after acquiring an additional 1,787 shares during the period.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Truist Financial assumed coverage on shares of Fortrea in a research report on Friday, May 2nd. They issued a “hold” rating and a $7.00 price objective for the company. The Goldman Sachs Group reduced their price target on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday. Mizuho reduced their price target on shares of Fortrea from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Wednesday. Evercore ISI reduced their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.00.

Fortrea Stock Down 6.5%

Shares of NASDAQ FTRE opened at $4.44 on Friday. Fortrea Holdings Inc. has a 12-month low of $4.34 and a 12-month high of $28.41. The stock has a market cap of $401.82 million, a PE ratio of -1.30, a P/E/G ratio of 1.78 and a beta of 2.15. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a 50-day moving average of $6.66 and a 200 day moving average of $13.90.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $651.30 million during the quarter, compared to analysts’ expectations of $609.63 million. As a group, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

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.