Fortrea Holdings Inc. (NASDAQ:FTRE) Short Interest Down 13.3% in January

Fortrea Holdings Inc. (NASDAQ:FTRE) was the target of a large decrease in short interest in January. As of January 15th, there was short interest totaling 8,829,744 shares, a decrease of 13.3% from the December 31st total of 10,184,921 shares. Based on an average daily trading volume, of 1,485,796 shares, the days-to-cover ratio is presently 5.9 days. Currently, 9.6% of the company’s stock are sold short. Currently, 9.6% of the company’s stock are sold short. Based on an average daily trading volume, of 1,485,796 shares, the days-to-cover ratio is presently 5.9 days.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wall Street Zen lowered Fortrea from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Evercore ISI set a $25.00 target price on shares of Fortrea and gave the stock an “outperform” rating in a report on Tuesday, January 6th. Truist Financial set a $22.00 target price on shares of Fortrea and gave the company a “buy” rating in a research report on Thursday, January 8th. Barclays set a $15.00 price target on shares of Fortrea and gave the stock an “equal weight” rating in a research report on Monday, December 15th. Finally, Mizuho set a $15.00 price objective on shares of Fortrea in a research note on Friday, January 9th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.75.

Fortrea Stock Down 2.4%

Shares of NASDAQ:FTRE traded down $0.38 during trading on Wednesday, reaching $15.87. The stock had a trading volume of 1,294,527 shares, compared to its average volume of 1,277,176. The firm’s 50-day simple moving average is $16.24 and its 200 day simple moving average is $11.71. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81. Fortrea has a one year low of $3.97 and a one year high of $18.67. The company has a market capitalization of $1.47 billion, a P/E ratio of -1.41, a PEG ratio of 0.49 and a beta of 1.59.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The firm had revenue of $701.30 million for the quarter, compared to analysts’ expectations of $643.43 million. Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. As a group, research analysts expect that Fortrea will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings in shares of Fortrea by 6,802.4% during the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after acquiring an additional 5,578 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Fortrea by 214.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $28,000 after purchasing an additional 2,278 shares during the last quarter. Osaic Holdings Inc. increased its stake in Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Fortrea by 137.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after buying an additional 5,036 shares during the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new position in shares of Fortrea in the second quarter worth $46,000.

About Fortrea

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.