Fortrea (NASDAQ:FTRE – Get Free Report) 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
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.
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