Traders Purchase High Volume of Fortrea Put Options (NASDAQ:FTRE)

Fortrea Holdings Inc. (NASDAQ:FTRE) was the target of unusually large options trading on Tuesday. Traders purchased 5,472 put options on the company. This is an increase of 234% compared to the typical volume of 1,639 put options.

Insider Buying and Selling

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

Institutional Trading of Fortrea

A number of hedge funds have recently made changes to their positions in FTRE. Bryce Point Capital LLC acquired a new stake in shares of Fortrea in the 4th quarter worth approximately $308,000. Trexquant Investment LP purchased a new stake in shares of Fortrea in the fourth quarter valued at $4,621,000. Alliancebernstein L.P. boosted its holdings in Fortrea by 107.3% in the fourth quarter. Alliancebernstein L.P. now owns 111,845 shares of the company’s stock valued at $2,086,000 after acquiring an additional 57,879 shares during the last quarter. Summit Securities Group LLC acquired a new position in Fortrea in the fourth quarter valued at $205,000. Finally, Norges Bank acquired a new position in shares of Fortrea during the fourth quarter worth about $330,000.

Analyst Ratings Changes

Several equities research analysts have recently commented on FTRE shares. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Barclays increased their price target on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.30.

Fortrea Stock Performance

NASDAQ:FTRE opened at $14.69 on Thursday. The stock’s 50-day simple moving average is $18.30 and its 200 day simple moving average is $20.09. The firm has a market capitalization of $1.32 billion, a PE ratio of -4.30, a price-to-earnings-growth ratio of 1.76 and a beta of 1.20. 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 has a twelve month low of $14.27 and a twelve month high of $41.02.

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.