CenterBook Partners LP Sells 388,202 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

CenterBook Partners LP decreased its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 83.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 75,812 shares of the company’s stock after selling 388,202 shares during the quarter. CenterBook Partners LP’s holdings in Fortrea were worth $1,414,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. lifted its holdings in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after buying an additional 1,361 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of Fortrea during the fourth quarter valued at approximately $117,000. Whalen Wealth Management Inc. bought a new position in Fortrea in the fourth quarter worth approximately $204,000. Summit Securities Group LLC purchased a new position in Fortrea during the 4th quarter worth $205,000. Finally, Allspring Global Investments Holdings LLC raised its position in Fortrea by 21.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after purchasing an additional 1,986 shares in the last quarter.

Insiders Place Their Bets

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is owned by insiders.

Fortrea Trading Down 19.2 %

NASDAQ:FTRE opened at $5.21 on Friday. 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 firm has a fifty day simple moving average of $10.98 and a 200-day simple moving average of $16.30. Fortrea Holdings Inc. has a 12 month low of $5.15 and a 12 month high of $39.49. The company has a market capitalization of $469.94 million, a P/E ratio of -1.52, a PEG ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same period in the prior year, the firm posted $0.19 EPS. On average, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analysts Set New Price Targets

FTRE has been the topic of several recent research reports. Robert W. Baird set a $12.00 target price on shares of Fortrea in a report on Tuesday, March 4th. Barclays reiterated an “underweight” rating and set a $6.00 price objective (down from $12.00) on shares of Fortrea in a research note on Thursday. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. The Goldman Sachs Group dropped their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Finally, Mizuho cut their price target on Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.70.

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.