Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Holdings Lifted by Sessa Capital IM L.P.

Sessa Capital IM L.P. grew its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.3% during the third quarter, HoldingsChannel reports. The firm owned 6,908,044 shares of the company’s stock after purchasing an additional 158,044 shares during the quarter. Fortrea accounts for approximately 5.1% of Sessa Capital IM L.P.’s holdings, making the stock its 7th biggest position. Sessa Capital IM L.P. owned approximately 0.08% of Fortrea worth $138,161,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. nVerses Capital LLC bought a new stake in shares of Fortrea during the 2nd quarter valued at $26,000. Gladius Capital Management LP bought a new stake in shares of Fortrea during the 2nd quarter valued at $30,000. Hara Capital LLC purchased a new position in shares of Fortrea during the 3rd quarter valued at $29,000. Blue Trust Inc. boosted its holdings in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. increased its stake in Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares in the last quarter.

Fortrea Stock Up 1.8 %

Shares of FTRE opened at $19.50 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 market capitalization of $1.75 billion, a P/E ratio of -5.70, a P/E/G ratio of 2.82 and a beta of 0.70. The firm has a fifty day moving average price of $19.56 and a 200-day moving average price of $23.13. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02.

Fortrea (NASDAQ:FTRE) last announced 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 firm had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. Equities research analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on FTRE shares. Deutsche Bank Aktiengesellschaft dropped their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Evercore ISI dropped their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Citigroup reduced their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Barclays increased their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Finally, The Goldman Sachs Group reduced their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus price target of $24.50.

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.