Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) saw a significant increase in short interest in January. As of January 15th, there was short interest totalling 5,720,000 shares, an increase of 8.3% from the December 31st total of 5,280,000 shares. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is currently 4.7 days. Approximately 6.4% of the shares of the stock are sold short.
Insider Activity at Fortrea
In related news, CEO Thomas Pike sold 11,268 shares of the firm's stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.12% of the stock is owned by insiders.
Institutional Trading of Fortrea
Hedge funds and other institutional investors have recently made changes to their positions in the business. Hara Capital LLC acquired a new position in Fortrea during the 3rd quarter valued at about $29,000. Covestor Ltd increased its holdings in shares of Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company's stock valued at $55,000 after acquiring an additional 1,398 shares in the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Fortrea during the third quarter valued at about $57,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company's stock valued at $64,000 after purchasing an additional 572 shares during the last quarter. Finally, Cullen Frost Bankers Inc. boosted its stake in Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after purchasing an additional 1,361 shares in the last quarter.
Analyst Ratings Changes
Several research analysts have issued reports on FTRE shares. TD Cowen boosted their target price on Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a research report on Monday, November 11th. Citigroup cut Fortrea from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Friday, December 6th. William Blair reiterated a "market perform" rating on shares of Fortrea in a report on Friday, November 8th. Finally, Barclays raised their price target on Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, Fortrea presently has an average rating of "Hold" and a consensus target price of $23.30.
Check Out Our Latest Analysis on Fortrea
Fortrea Stock Down 3.2 %
Fortrea stock traded down $0.49 during trading hours on Friday, reaching $14.91. The stock had a trading volume of 992,296 shares, compared to its average volume of 1,134,268. Fortrea has a 52 week low of $14.84 and a 52 week high of $41.02. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -4.36, a PEG ratio of 1.92 and a beta of 1.21. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The business's 50 day moving average price is $18.74 and its 200-day moving average price is $20.36.
Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $674.90 million for the quarter, compared to analysts' expectations of $674.86 million. During the same period in the previous year, the company earned $0.24 EPS. The company's revenue was down 5.4% on a year-over-year basis. Sell-side analysts anticipate that Fortrea will post 0.51 EPS for the current year.
Fortrea Company Profile
(
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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