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

Fortrea Holdings Inc. (NASDAQ:FTRE) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 8,970,000 shares, an increase of 10.9% from the May 31st total of 8,090,000 shares. Based on an average daily volume of 1,260,000 shares, the short-interest ratio is presently 7.1 days. Currently, 10.1% of the company’s shares are sold short.

Insider Buying and Selling at Fortrea

In related news, General Counsel James S. Hanson acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were acquired at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the general counsel now directly owns 7,475 shares in the company, valued at approximately $189,117.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fortrea news, CEO Thomas Pike purchased 10,000 shares of Fortrea stock in a transaction dated 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 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 document filed with the SEC, which is available at this hyperlink. Also, General Counsel James S. Hanson purchased 2,000 shares of Fortrea stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average price of $25.30 per share, for a total transaction 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 approximately $189,117.50. The disclosure for this purchase can be found here. Company insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

A number of institutional investors have recently made changes to their positions in the business. Cohen Capital Management Inc. purchased a new position in Fortrea in the 4th quarter worth $1,873,000. New York State Teachers Retirement System purchased a new position in Fortrea in the 4th quarter worth $3,913,000. Amalgamated Bank purchased a new position in Fortrea in the 4th quarter worth $1,320,000. Mutual of America Capital Management LLC purchased a new position in Fortrea in the 4th quarter worth $9,739,000. Finally, 13D Management LLC purchased a new position in Fortrea in the 4th quarter worth $4,568,000.

Fortrea Stock Down 1.4 %

Shares of Fortrea stock traded down $0.33 during trading on Wednesday, reaching $23.47. The company’s stock had a trading volume of 421,649 shares, compared to its average volume of 1,125,612. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98. The company has a market cap of $2.10 billion and a price-to-earnings ratio of -16.88. Fortrea has a 1-year low of $22.15 and a 1-year high of $41.02. The company has a 50-day simple moving average of $27.82 and a two-hundred day simple moving average of $32.70.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data 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 positive return on equity of 4.76% and a negative net margin of 4.11%. Fortrea’s revenue for the quarter was down 4.6% on a year-over-year basis. As a group, equities analysts forecast that Fortrea will post 0.75 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a research note on Thursday, May 23rd. Robert W. Baird raised Fortrea from a “neutral” rating to an “outperform” rating and dropped their price objective for the stock from $45.00 to $36.00 in a research note on Tuesday, May 14th. TD Cowen assumed coverage on Fortrea in a research note on Wednesday, May 29th. They issued a “hold” rating and a $27.00 price objective on the stock. Evercore ISI dropped their price objective on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. Finally, Bank of America dropped their price objective on Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.30.

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.