Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Sells $203,274.72 in Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Fortrea Stock Down 0.1 %

FTRE opened at $17.81 on Friday. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -5.21, a PEG ratio of 2.04 and a beta of 1.24. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The firm’s 50-day simple moving average is $19.93 and its 200-day simple moving average is $21.25. Fortrea Holdings Inc. has a twelve month low of $16.53 and a twelve month high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. During the same period in the prior year, the company posted $0.24 earnings per share. Fortrea’s quarterly revenue was down 5.4% compared to the same quarter last year. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Several institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. grew its holdings in shares of Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after purchasing an additional 6,125,827 shares during the last quarter. Baupost Group LLC MA grew its holdings in Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after acquiring an additional 2,836,563 shares during the last quarter. FMR LLC increased its position in Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after acquiring an additional 2,304,677 shares in the last quarter. Magnetar Financial LLC raised its stake in shares of Fortrea by 228.6% in the second quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock worth $46,350,000 after acquiring an additional 1,381,489 shares during the last quarter. Finally, Brandes Investment Partners LP lifted its position in shares of Fortrea by 27.1% during the second quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock worth $56,845,000 after purchasing an additional 519,344 shares in the last quarter.

Analyst Upgrades and Downgrades

FTRE has been the topic of several research reports. Barclays boosted their price objective on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. The Goldman Sachs Group lowered their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Finally, Evercore ISI reduced their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $23.30.

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.