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

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

Institutional Trading of Fortrea

Several hedge funds have recently modified their holdings of the stock. Brandes Investment Partners LP raised its position in shares of Fortrea by 72.8% during the 2nd quarter. Brandes Investment Partners LP now owns 224,272 shares of the company’s stock worth $1,108,000 after acquiring an additional 94,448 shares in the last quarter. Bank of Nova Scotia acquired a new position in Fortrea in the second quarter valued at approximately $5,087,000. Allianz Asset Management GmbH increased its stake in Fortrea by 335.1% in the second quarter. Allianz Asset Management GmbH now owns 254,106 shares of the company’s stock valued at $1,255,000 after purchasing an additional 195,706 shares during the last quarter. Brighton Jones LLC acquired a new stake in Fortrea during the second quarter worth approximately $156,000. Finally, ProShare Advisors LLC acquired a new stake in Fortrea during the second quarter worth approximately $117,000.

Fortrea Stock Down 1.2%

Shares of NASDAQ:FTRE opened at $16.06 on Thursday. The firm has a market capitalization of $1.48 billion, a PE ratio of -1.43, a price-to-earnings-growth ratio of 0.47 and a beta of 1.59. Fortrea has a 1 year low of $3.97 and a 1 year high of $18.67. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00. The firm’s 50-day moving average is $16.31 and its two-hundred day moving average is $11.74.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. The business had revenue of $701.30 million during the quarter, compared to analysts’ expectations of $643.43 million. Analysts predict that Fortrea will post 0.51 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FTRE. TD Cowen increased their price target on Fortrea from $7.00 to $15.00 and gave the stock a “hold” rating in a report on Thursday, January 22nd. Wedbush set a $21.00 target price on shares of Fortrea in a research report on Thursday, December 11th. Robert W. Baird set a $19.00 target price on shares of Fortrea in a research note on Wednesday, January 14th. Mizuho set a $15.00 price target on shares of Fortrea in a research report on Friday, January 9th. Finally, Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $12.00 to $21.00 in a report on Thursday, December 11th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.75.

Fortrea Company Profile

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.