Peregrine Capital Management LLC Makes New $5.63 Million Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Peregrine Capital Management LLC acquired a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, Holdings Channel.com reports. The fund acquired 301,697 shares of the company’s stock, valued at approximately $5,627,000.

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

Fortrea Stock Performance

FTRE stock opened at $15.22 on Wednesday. Fortrea Holdings Inc. has a twelve month low of $14.27 and a twelve month high of $41.02. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -4.45, a PEG ratio of 1.76 and a beta of 1.20. The business’s fifty day simple moving average is $17.72 and its two-hundred day simple moving average is $19.68. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTRE. TD Cowen lifted their price objective on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Barclays raised their price objective on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.30.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 12,386 shares of company stock worth $219,751. Insiders own 0.12% of the company’s stock.

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.