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

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 6,140,000 shares, a decrease of 22.0% from the March 15th total of 7,870,000 shares. Based on an average daily trading volume, of 2,000,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 6.8% of the shares of the stock are sold short.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fortrea during the 4th quarter worth about $30,000. GF Fund Management CO. LTD. bought a new position in shares of Fortrea during the 4th quarter worth approximately $35,000. Covestor Ltd lifted its holdings in Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after purchasing an additional 1,593 shares during the last quarter. Quarry LP boosted its position in Fortrea by 1,218.7% during the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after purchasing an additional 4,034 shares during the period. Finally, Cullen Frost Bankers Inc. increased its holdings in shares of Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after purchasing an additional 1,361 shares during the last quarter.

Analysts Set New Price Targets

FTRE has been the subject of several recent research reports. Barclays reissued an "underweight" rating and issued a $6.00 price target (down previously from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. Mizuho reduced their target price on Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. William Blair reissued a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Evercore ISI dropped their price target on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research note on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 target price on shares of Fortrea in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $16.70.

Fortrea Stock Up 8.1 %

Shares of FTRE stock traded up $0.43 during trading on Thursday, reaching $5.75. The company's stock had a trading volume of 1,055,208 shares, compared to its average volume of 1,634,117. The company has a market cap of $518.65 million, a price-to-earnings ratio of -1.67, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10. Fortrea has a one year low of $4.77 and a one year high of $38.04. The business has a fifty day moving average price of $9.19 and a 200-day moving average price of $15.44. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same quarter in the previous year, the business earned $0.19 EPS. Analysts anticipate that Fortrea will post 0.51 earnings per share 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.