Calamos Advisors LLC Makes New $684,000 Investment in Fortrea Holdings Inc. $FTRE

Calamos Advisors LLC acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 34,300 shares of the company’s stock, valued at approximately $684,000.

Several other hedge funds also recently made changes to their positions in FTRE. Financial Management Professionals Inc. acquired a new stake in shares of Fortrea in the third quarter valued at about $30,000. Ancora Advisors LLC acquired a new position in Fortrea during the second quarter worth about $59,000. Allworth Financial LP grew its position in Fortrea by 22.3% during the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after buying an additional 716 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Fortrea in the third quarter valued at about $97,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Fortrea in the second quarter valued at about $115,000.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Mizuho upped their price target on Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. Robert W. Baird set a $23.00 price objective on Fortrea in a research note on Thursday, July 30th. William Blair raised Fortrea to a “hold” rating in a report on Wednesday, July 29th. Finally, Truist Financial boosted their target price on Fortrea from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Fortrea has an average rating of “Hold” and an average price target of $23.95.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $22.24 on Tuesday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -30.47, a PEG ratio of 0.44 and a beta of 1.88. Fortrea Holdings Inc. has a 52 week low of $8.55 and a 52 week high of $26.16. The company’s 50-day moving average price is $20.58 and its 200 day moving average price is $15.88. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Thursday, October 29th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.06. The firm had revenue of $691.50 million during the quarter, compared to the consensus estimate of $671.57 million. Fortrea had a negative net margin of 2.58% and a positive return on equity of 13.98%. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Fortrea Profile

Fortrea Holdings Inc is a global contract research organization that provides clinical development and patient access services to pharmaceutical, biotechnology and medical device companies. The company supports the development of medicines and medical products from early research through later-stage clinical trials and post-approval studies.

Its services include clinical trial planning and management, clinical pharmacology, patient recruitment and engagement, data management, regulatory support and related consulting.