Fortrea (NASDAQ:FTRE) Announces Earnings Results

Fortrea (NASDAQ:FTRE) posted its 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 company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. During the same period last year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. Fortrea updated its FY 2024 guidance to EPS.

Fortrea Stock Up 4.4 %

Fortrea stock traded up $0.98 during mid-day trading on Wednesday, hitting $23.20. The company’s stock had a trading volume of 2,502,219 shares, compared to its average volume of 1,205,688. Fortrea has a 52-week low of $18.07 and a 52-week high of $41.02. The company has a market cap of $2.07 billion and a PE ratio of -16.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. The firm’s 50 day moving average is $24.94 and its 200 day moving average is $31.24.

Insider Activity

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on FTRE shares. Evercore ISI downgraded shares of 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 report on Thursday, August 8th. Barclays decreased their target price on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research report on Tuesday. Robert W. Baird cut their price target on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a report on Thursday, May 23rd. Finally, Bank of America cut their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.70.

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.