Fortrea Holdings Inc. (NASDAQ:FTRE) Short Interest Down 14.2% in May

Fortrea Holdings Inc. (NASDAQ:FTREGet Free Report) saw a significant drop in short interest in May. As of May 15th, there was short interest totalling 5,670,000 shares, a drop of 14.2% from the April 30th total of 6,610,000 shares. Currently, 6.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,110,000 shares, the short-interest ratio is currently 5.1 days.

Fortrea Stock Down 2.0 %

NASDAQ:FTRE opened at $24.22 on Friday. Fortrea has a 1-year low of $24.18 and a 1-year high of $41.02. The firm’s 50-day moving average price is $34.56 and its 200-day moving average price is $33.94. The company has a market capitalization of $2.17 billion and a PE ratio of -17.42. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.62.

Fortrea (NASDAQ:FTREGet Free Report) last posted its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The company had revenue of $662.10 million for the quarter, compared to the consensus estimate of $754.58 million. The business’s quarterly revenue was down 4.6% on a year-over-year basis. On average, equities analysts predict that Fortrea will post 0.8 EPS for the current fiscal year.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

A number of institutional investors have recently added to or reduced their stakes in the stock. Keeley Teton Advisors LLC grew its holdings in Fortrea by 2.7% during the 1st quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock valued at $572,000 after buying an additional 370 shares in the last quarter. Financial Counselors Inc. boosted its stake in Fortrea by 0.4% during the first quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock worth $3,808,000 after buying an additional 395 shares during the period. Concord Wealth Partners boosted its stake in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares during the period. ProShare Advisors LLC boosted its stake in Fortrea by 6.9% during the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after buying an additional 524 shares during the period. Finally, Raymond James & Associates boosted its stake in Fortrea by 0.4% during the first quarter. Raymond James & Associates now owns 136,709 shares of the company’s stock worth $5,487,000 after buying an additional 572 shares during the period.

Analyst Ratings Changes

A number of research analysts have recently commented on FTRE shares. Evercore ISI decreased their price objective on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research report on Tuesday, May 14th. TD Cowen initiated coverage on shares of Fortrea in a report on Wednesday. They set a “hold” rating and a $27.00 price objective on the stock. Bank of America lowered their target price on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a report on Tuesday, May 14th. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortrea has a consensus rating of “Moderate Buy” and an average price target of $32.78.

Read Our Latest Research Report on FTRE

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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