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

Fortrea (NASDAQ:FTRE) released its quarterly earnings results on Monday. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10), Briefing.com reports. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The business had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. Fortrea updated its FY 2024 guidance to EPS.

Fortrea Stock Performance

FTRE traded up $0.67 on Tuesday, hitting $20.71. 386,143 shares of the company’s stock were exchanged, compared to its average volume of 1,176,339. The firm has a market cap of $1.85 billion and a PE ratio of -14.94. The stock has a fifty day moving average of $24.99 and a two-hundred day moving average of $31.30. Fortrea has a twelve month low of $18.07 and a twelve month high of $41.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FTRE shares. The Goldman Sachs Group initiated coverage on Fortrea in a research report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price target for the company. Robert W. Baird reduced their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday. Mizuho initiated coverage on shares of Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price for the company. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday, May 23rd. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a report on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and an average price target of $28.60.

Insider Activity

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

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.