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

Fortrea Holdings Inc. (NASDAQ:FTRE) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 6,140,000 shares, a drop of 22.0% from the March 15th total of 7,870,000 shares. Currently, 6.8% of the company’s stock are sold short. Based on an average daily volume of 2,000,000 shares, the days-to-cover ratio is presently 3.1 days.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FTRE shares. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on shares of Fortrea in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note 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 on the stock in a research note on Tuesday, March 4th. Finally, Mizuho decreased their price objective on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.70.

Fortrea Stock Performance

FTRE traded down $0.09 during trading hours on Monday, hitting $5.20. 2,655,474 shares of the stock were exchanged, compared to its average volume of 1,617,221. 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 has a 12 month low of $4.77 and a 12 month high of $38.04. The stock has a 50-day simple moving average of $9.57 and a 200-day simple moving average of $15.58. The stock has a market cap of $469.04 million, a price-to-earnings ratio of -1.52, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. During the same period in the prior year, the company earned $0.19 EPS. Analysts anticipate that Fortrea will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. boosted its holdings in shares of Fortrea by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock valued at $184,341,000 after acquiring an additional 120,599 shares during the period. FMR LLC boosted its stake in Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the period. Corvex Management LP grew its position in Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock worth $64,919,000 after purchasing an additional 1,260,156 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Fortrea by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company’s stock valued at $30,059,000 after purchasing an additional 20,825 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in Fortrea in the 1st quarter worth approximately $9,232,000.

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.