Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) 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.
Read Our Latest Analysis on Fortrea
Insider Transactions at Fortrea
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.
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