Fortrea (NASDAQ:FTRE) Releases Quarterly Earnings Results, Misses Estimates By $0.10 EPS

Fortrea (NASDAQ:FTRE) posted its quarterly earnings data on Monday. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10), Briefing.com reports. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. During the same period in the prior year, the company earned $0.52 earnings per share. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. Fortrea updated its FY 2024 guidance to EPS.

Fortrea Stock Performance

NASDAQ:FTRE traded up $0.24 during mid-day trading on Wednesday, hitting $22.46. 620,405 shares of the stock were exchanged, compared to its average volume of 1,193,625. The stock has a market capitalization of $2.01 billion and a price-to-earnings ratio of -16.43. The firm’s 50-day simple moving average is $24.94 and its 200 day simple moving average is $31.24. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. Fortrea has a fifty-two week low of $18.07 and a fifty-two week high of $41.02.

Analyst Ratings Changes

Several research analysts recently commented on FTRE shares. Citigroup reduced their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday. Evercore ISI cut Fortrea from an “outperform” rating to an “in-line” rating and reduced their price target for the company from $31.00 to $27.00 in a research report on Thursday, August 8th. The Goldman Sachs Group started coverage on Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price target for the company. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, Barclays reduced their price target on Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Fortrea has a consensus rating of “Hold” and an average price target of $27.70.

Insider Buying and Selling

In other news, CEO Thomas Pike purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was acquired at an average cost of $24.81 per share, with a total value of $248,100.00. Following the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, General Counsel James S. Hanson acquired 2,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was purchased at an average cost of $25.30 per share, with a total value of $50,600.00. Following the acquisition, the general counsel now directly owns 7,475 shares of the company’s stock, valued at $189,117.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the purchase, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is currently owned by insiders.

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.