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

Fortrea Holdings Inc. (NASDAQ:FTRE) was the recipient of a large drop in short interest in 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. Approximately 9.6% of the shares of the stock are short sold. Based on an average daily volume of 1,485,796 shares, the days-to-cover ratio is currently 5.9 days. Based on an average daily volume of 1,485,796 shares, the days-to-cover ratio is currently 5.9 days. Approximately 9.6% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FTRE. Truist Financial set a $22.00 price objective on Fortrea and gave the company a “buy” rating in a report on Thursday, January 8th. Wedbush set a $21.00 price target on shares of Fortrea in a research report on Thursday, December 11th. Wall Street Zen lowered shares of Fortrea from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Robert W. Baird set a $19.00 target price on shares of Fortrea in a report on Wednesday, January 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research note on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $16.75.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its position in Fortrea by 494.8% in the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after acquiring an additional 5,419,842 shares in the last quarter. Park West Asset Management LLC bought a new stake in Fortrea in the third quarter worth $18,579,000. Bank of Nova Scotia bought a new stake in Fortrea in the second quarter worth $5,087,000. Eagle Health Investments LP acquired a new position in Fortrea during the third quarter worth $8,325,000. Finally, Bank of America Corp DE raised its holdings in Fortrea by 78.1% during the third quarter. Bank of America Corp DE now owns 1,525,023 shares of the company’s stock valued at $12,841,000 after buying an additional 668,691 shares in the last quarter.

Fortrea Trading Down 2.3%

NASDAQ FTRE traded down $0.39 on Tuesday, hitting $16.48. 68,137 shares of the company were exchanged, compared to its average volume of 1,208,695. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00. Fortrea has a twelve month low of $3.97 and a twelve month high of $18.67. The firm has a market capitalization of $1.52 billion, a P/E ratio of -1.45, a price-to-earnings-growth ratio of 0.49 and a beta of 1.59. The company’s 50 day moving average price is $16.17 and its 200-day moving average price is $11.63.

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

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.