Fortrea (NASDAQ:FTRE) CFO Sells $16,632.88 in Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CFO Jill Mcconnell sold 1,804 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $9.22, for a total transaction of $16,632.88. Following the completion of the sale, the chief financial officer owned 72,276 shares of the company’s stock, valued at approximately $666,384.72. This trade represents a 2.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Fortrea Stock Performance

Shares of FTRE opened at $9.79 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.86. The firm has a market cap of $915.37 million, a PE ratio of -0.90, a P/E/G ratio of 0.36 and a beta of 1.80. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $18.67. The stock has a fifty day moving average price of $12.99 and a 200-day moving average price of $12.44.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Thursday, February 26th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.07). Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%.The business had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.22 million. Equities research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

A number of hedge funds have recently added to or reduced their stakes in FTRE. AQR Capital Management LLC grew its position in Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after buying an additional 5,419,842 shares during the period. Park West Asset Management LLC acquired a new position in shares of Fortrea in the third quarter worth about $18,579,000. Iron Triangle Partners LP purchased a new stake in shares of Fortrea during the 4th quarter worth about $34,264,000. MetLife Investment Management LLC boosted its stake in shares of Fortrea by 2,328.5% during the 4th quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock worth $23,609,000 after acquiring an additional 1,312,297 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in shares of Fortrea during the 2nd quarter valued at about $5,087,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FTRE. Wedbush set a $21.00 price objective on Fortrea in a report on Thursday, December 11th. Robert W. Baird cut their price target on shares of Fortrea from $19.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. Barclays reduced their price target on shares of Fortrea from $15.00 to $12.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Mizuho set a $15.00 price objective on shares of Fortrea in a report on Friday, January 9th. Finally, Citigroup raised shares of Fortrea from a “neutral” rating to a “buy” rating and raised their target price for the stock from $12.00 to $21.00 in a report on Thursday, December 11th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $16.15.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.