Fortrea Holdings Inc. (NASDAQ:FTRE) short interest fell 7.9% in August

Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report ) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 6,140,000 shares, a decrease of 7.9% from the August 15th total of 6,670,000 shares. Based on an average daily volume of 1,400,000 shares, the days-to-cover ratio is currently 4.4 days. Currently, 6.9% of the company’s shares are short sold.

Institutional Trading of Fortrea

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in shares of Fortrea in the second quarter valued at about $26,000. Gladius Capital Management LP purchased a new position in Fortrea in the second quarter valued at about $30,000. Concord Wealth Partners grew its position in Fortrea by 152.8% in 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 last quarter. Blue Trust Inc. raised its stake in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares during the period. Finally, Parallel Advisors LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at $36,000.

The Wall Street analyst weighs in

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Bank of America decreased their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. Evercore ISI downgraded shares of Fortrea from an “outperform” rating to an “in-line” rating and cut their price objective for the stock from $31.00 to $27.00 in a research note on Thursday , August 8. Robert W. Baird decreased their price target on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Finally, Goldman Sachs Group began coverage on Fortrea in a research report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $27.20.

See the latest stock report on Fortrea

Fortrea stock up 3.7%

NASDAQ FTRE traded up $0.81 during trading on Wednesday, reaching $22.96. The company’s stock had a trading volume of 1,546,847 shares, compared to its average volume of 1,193,598. Fortrea has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19, and a quick ratio of 1.19. The company has a market cap of $2.05 billion, a PE ratio of -17.01, a P/E/G ratio of 2.02 and a beta of 0.57. The company’s 50-day simple moving average is $23.82, and its 200-day simple moving average is $29.09.

Fortrea (NASDAQ:FTRE – Get Free Report ) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company’s quarterly revenue was down 8.6% year over year. During the same period in the previous year, the business posted EPS of $0.52. On average, equities analysts anticipate that Fortrea will post 0.6 EPS for the current fiscal year.

About the Fort

(Get a free report)

Fortrea Holdings Inc, a contract research organization, is primarily engaged in the provision of biopharmaceutical and medical device development services worldwide. The Company operates through two segments: Clinical Services and Activation Services. The Clinical Services segment offers clinical pharmacology and clinical development.

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