Needham Investment Management LLC Sells 53,700 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Needham Investment Management LLC lowered its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 51.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 51,563 shares of the company’s stock after selling 53,700 shares during the period. Needham Investment Management LLC’s holdings in Fortrea were worth $1,031,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. raised its holdings in shares of Fortrea by 25.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock valued at $22,712,000 after purchasing an additional 227,109 shares in the last quarter. Janus Henderson Group PLC raised its stake in Fortrea by 2.0% in the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after buying an additional 792 shares in the last quarter. Centiva Capital LP purchased a new stake in Fortrea during the third quarter worth $220,000. Atom Investors LP boosted its position in Fortrea by 9.1% during the 3rd quarter. Atom Investors LP now owns 42,504 shares of the company’s stock valued at $850,000 after acquiring an additional 3,531 shares in the last quarter. Finally, Starboard Value LP increased its holdings 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 valued at $168,000,000 after acquiring an additional 400,000 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. 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 report on Tuesday, October 8th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and cut their price target for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. TD Cowen increased their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Finally, Barclays boosted their target price on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.50.

Fortrea Trading Down 0.8 %

Shares of NASDAQ:FTRE opened at $21.58 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 52-week low of $16.53 and a 52-week high of $41.02. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -6.31, a PEG ratio of 3.28 and a beta of 1.16. The business has a 50-day moving average price of $19.33 and a 200-day moving average price of $22.44.

Fortrea (NASDAQ:FTRE) last posted its quarterly 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 business had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’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 earnings per share. Equities analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current 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.