Fortrea Holdings Inc. (NASDAQ:FTRE) Short Interest Down 7.9% in August

Fortrea Holdings Inc. (NASDAQ:FTRE) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 6,140,000 shares, a decline of 7.9% from the August 15th total of 6,670,000 shares. Based on an average daily trading volume, of 1,400,000 shares, the days-to-cover ratio is currently 4.4 days. Currently, 6.9% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several equities analysts have recently commented on FTRE shares. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. Evercore ISI downgraded Fortrea from an “outperform” rating to an “in-line” rating and dropped their price target for the stock from $31.00 to $27.00 in a research note on Thursday, August 8th. TD Cowen reduced their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Mizuho assumed coverage on shares of Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price on the stock. Finally, Robert W. Baird cut their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $27.20.

Institutional Investors Weigh In On Fortrea

Hedge funds and other institutional investors have recently made changes to their positions in the company. Concord Wealth Partners raised its holdings in shares of 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 period. Parallel Advisors LLC bought a new stake in shares of Fortrea during the fourth quarter worth $36,000. nVerses Capital LLC bought a new position in shares of Fortrea in the second quarter worth about $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in Fortrea in the 4th quarter worth about $40,000. Finally, Evermay Wealth Management LLC bought a new stake in Fortrea during the 4th quarter valued at about $44,000.

Fortrea Trading Up 3.7 %

FTRE traded up $0.81 on Wednesday, hitting $22.96. The company had a trading volume of 1,546,847 shares, compared to its average volume of 1,193,598. The business’s fifty day simple moving average is $23.82 and its 200 day simple moving average is $29.09. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea has a 12-month low of $18.07 and a 12-month high of $41.02. The company has a market cap of $2.05 billion, a PE ratio of -17.01, a PEG ratio of 2.02 and a beta of 0.57.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter last year, the firm posted $0.52 EPS. Fortrea’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities research analysts expect that Fortrea will post 0.6 EPS for the current year.

Fortrea Company Profile

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.