Fortrea Holdings Inc. (NASDAQ:FTRE) Short Interest Update

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 5,720,000 shares, an increase of 8.3% from the December 15th total of 5,280,000 shares. Currently, 6.4% of the company's stock are short sold. Based on an average daily trading volume, of 1,210,000 shares, the short-interest ratio is currently 4.7 days.

Insiders Place Their Bets

In other news, CEO Thomas Pike sold 11,268 shares of the firm's stock in a transaction dated 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 transaction, 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 document filed with the SEC, which is available through the SEC website. 0.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FTRE shares. Robert W. Baird downgraded Fortrea from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $28.00 to $25.00 in a research report on Friday, December 6th. Baird R W cut shares of Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 6th. The Goldman Sachs Group reduced their target price on shares of Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. TD Cowen boosted their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. Finally, Citigroup cut shares of Fortrea from a "buy" rating to a "neutral" rating and lowered their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $23.30.

Fortrea Stock Down 0.7 %

Shares of FTRE stock traded down $0.12 during trading on Monday, reaching $17.69. The company's stock had a trading volume of 497,588 shares, compared to its average volume of 850,892. Fortrea has a 1-year low of $16.53 and a 1-year high of $41.02. The stock's 50-day moving average price is $19.82 and its 200 day moving average price is $21.17. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -5.17, a P/E/G ratio of 2.04 and a beta of 1.24. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analysts' expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm's revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. On average, research analysts anticipate that Fortrea will post 0.51 EPS for the current year.

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.