Fortrea (NASDAQ:FTRE) Shares Up 6.4%

Fortrea Holdings Inc. (NASDAQ:FTRE) shares traded up 6.4% during trading on Tuesday . The company traded as high as $21.34 and last traded at $21.33. 676,377 shares changed hands during trading, a decline of 43% from the average session volume of 1,178,948 shares. The stock had previously closed at $20.04.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. The Goldman Sachs Group began coverage on Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price for the company. Bank of America reduced their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday. Citigroup lowered their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday. Robert W. Baird cut their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, TD Cowen decreased their price target on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.70.

Fortrea Price Performance

The company has a market cap of $1.99 billion and a price-to-earnings ratio of -15.53. The company’s 50 day moving average price is $24.99 and its 200 day moving average price is $31.30. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same quarter in the previous year, the business earned $0.52 EPS. Fortrea’s revenue for the quarter was down 8.6% on a year-over-year basis. Equities research analysts forecast that Fortrea Holdings Inc. will post 0.72 earnings per share for the current year.

Insider Activity at Fortrea

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

Institutional Trading of Fortrea

A number of institutional investors have recently bought and sold shares of the company. Glassman Wealth Services acquired a new position in shares of Fortrea during the 4th quarter worth $28,000. Allworth Financial LP purchased a new position in Fortrea during the 4th quarter valued at about $28,000. Concord Wealth Partners raised its position in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after acquiring an additional 521 shares during the last quarter. Parallel Advisors LLC purchased a new stake in shares of Fortrea in the fourth quarter valued at about $36,000. Finally, nVerses Capital LLC acquired a new stake in shares of Fortrea in the second quarter valued at approximately $26,000.

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.