Fortrea Target of Unusually Large Options Trading (NASDAQ:FTRE)

Fortrea Holdings Inc. (NASDAQ:FTRE) was the recipient of unusually large options trading activity on Tuesday. Stock investors bought 5,472 put options on the stock. This represents an increase of 234% compared to the average volume of 1,639 put options.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FTRE shares. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Barclays upped their price objective on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Finally, TD Cowen lifted their target price on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.30.

Insider Transactions at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hara Capital LLC acquired a new stake in shares of Fortrea during the third quarter valued at about $29,000. Covestor Ltd boosted its holdings in Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares during the last quarter. Raleigh Capital Management Inc. acquired a new stake in Fortrea during the 3rd quarter valued at approximately $57,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after purchasing an additional 572 shares during the last quarter. Finally, Cullen Frost Bankers Inc. raised its position in shares of Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after purchasing an additional 1,361 shares in the last quarter.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $15.07 on Wednesday. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -4.41, a price-to-earnings-growth ratio of 1.76 and a beta of 1.20. The company has a 50 day moving average of $18.48 and a two-hundred day moving average of $20.12. Fortrea has a 52-week low of $14.27 and a 52-week high of $41.02. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

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.