Fortrea Holdings Inc. (NASDAQ:FTRE) Short Interest Up 48.7% in May

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) saw a significant growth in short interest in May. As of May 15th, there was short interest totalling 12,310,000 shares, a growth of 48.7% from the April 30th total of 8,280,000 shares. Approximately 13.7% of the company's stock are short sold. Based on an average trading volume of 3,020,000 shares, the short-interest ratio is currently 4.1 days.

Analyst Ratings Changes

Several analysts have recently weighed in on FTRE shares. Evercore ISI lowered their target price on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. Cowen reaffirmed a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Barclays reduced their price target on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 13th. Finally, William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of "Hold" and an average price target of $15.00.

Fortrea Stock Performance

NASDAQ FTRE traded up $0.27 during trading hours on Tuesday, reaching $4.40. The company's stock had a trading volume of 939,476 shares, compared to its average volume of 2,331,748. The business has a 50-day simple moving average of $5.55 and a 200 day simple moving average of $12.70. Fortrea has a 52 week low of $3.97 and a 52 week high of $28.41. The stock has a market cap of $398.20 million, a PE ratio of -1.29, a PEG ratio of 1.78 and a beta of 2.15. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. Equities research analysts predict that Fortrea will post 0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several large investors have recently made changes to their positions in FTRE. Millennium Management LLC increased its stake in shares of Fortrea by 1,625.8% in the first quarter. Millennium Management LLC now owns 3,499,220 shares of the company's stock valued at $26,419,000 after purchasing an additional 3,296,461 shares during the period. FMR LLC increased its stake in shares of Fortrea by 67.7% in the fourth quarter. FMR LLC now owns 8,086,806 shares of the company's stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the period. Corvex Management LP increased its stake in shares of Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock valued at $64,919,000 after purchasing an additional 1,260,156 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Fortrea in the first quarter valued at approximately $9,232,000. Finally, Deutsche Bank AG increased its stake in shares of Fortrea by 17,183.6% during the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock valued at $8,796,000 after acquiring an additional 1,158,345 shares during the period.

About Fortrea

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.