Fortrea Holdings Inc. (NASDAQ:FTRE) Sees Significant Increase in Short Interest

Fortrea Holdings Inc. (NASDAQ:FTREGet Free Report) saw a large increase in short interest in May. As of May 31st, there was short interest totalling 8,090,000 shares, an increase of 42.7% from the May 15th total of 5,670,000 shares. Approximately 9.1% of the shares of the company are short sold. Based on an average trading volume of 1,240,000 shares, the days-to-cover ratio is currently 6.5 days.

Fortrea Trading Down 3.0 %

Shares of Fortrea stock traded down $0.73 during trading on Friday, hitting $23.97. The stock had a trading volume of 1,353,534 shares, compared to its average volume of 1,380,410. The business has a fifty day moving average of $31.54 and a two-hundred day moving average of $33.42. Fortrea has a fifty-two week low of $23.78 and a fifty-two week high of $41.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTREGet Free Report) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The business had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. Fortrea’s revenue for the quarter was down 4.6% on a year-over-year basis. As a group, analysts anticipate that Fortrea will post 0.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FTRE has been the topic of several analyst reports. Robert W. Baird raised Fortrea from a “neutral” rating to an “outperform” rating and dropped their target price for the stock from $45.00 to $36.00 in a research report on Tuesday, May 14th. Evercore ISI dropped their price objective on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a report on Tuesday, May 14th. The Goldman Sachs Group started coverage on shares of Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 target price for the company. Bank of America dropped their price target on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, May 14th. Finally, Mizuho began coverage on Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.30.

Read Our Latest Stock Report on FTRE

Insider Transactions at Fortrea

In other news, CEO Thomas Pike acquired 10,000 shares of Fortrea stock in a transaction that occurred on Wednesday, May 29th. The shares were purchased at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel James S. Hanson bought 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now owns 7,475 shares of the company’s stock, valued at $189,117.50. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Pike purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. Insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

A number of large investors have recently added to or reduced their stakes in FTRE. Cohen Capital Management Inc. purchased a new stake in shares of Fortrea during the fourth quarter valued at $1,873,000. New York State Teachers Retirement System acquired a new stake in shares of Fortrea during the fourth quarter valued at approximately $3,913,000. Amalgamated Bank purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $1,320,000. Mutual of America Capital Management LLC acquired a new position in Fortrea in the 4th quarter worth approximately $9,739,000. Finally, 13D Management LLC purchased a new position in Fortrea during the 4th quarter worth approximately $4,568,000.

About Fortrea

(Get Free Report)

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.

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