Robert Parks Sells 1,927 Shares of Fortrea (NASDAQ:FTRE) Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CAO Robert Parks sold 1,927 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $9.07, for a total value of $17,477.89. Following the completion of the sale, the chief accounting officer owned 22,389 shares of the company’s stock, valued at $203,068.23. This trade represents a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Fortrea Trading Down 0.3%

Fortrea stock traded down $0.03 during trading on Friday, reaching $9.02. 152,201 shares of the company were exchanged, compared to its average volume of 1,741,170. The stock’s 50 day simple moving average is $13.75 and its two-hundred day simple moving average is $12.43. The company has a market capitalization of $842.90 million, a P/E ratio of -0.83, a PEG ratio of 0.34 and a beta of 1.80. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $18.67.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in shares of Fortrea by 494.8% in the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after purchasing an additional 5,419,842 shares in the last quarter. Park West Asset Management LLC acquired a new stake in Fortrea during the 3rd quarter worth approximately $18,579,000. Iron Triangle Partners LP purchased a new position in Fortrea in the 4th quarter valued at approximately $34,264,000. MetLife Investment Management LLC grew its stake in shares of Fortrea by 2,328.5% in the fourth 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 position in shares of Fortrea in the second quarter worth $5,087,000.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and lifted their price target for the company from $12.00 to $21.00 in a research report on Thursday, December 11th. Truist Financial set a $22.00 price objective on shares of Fortrea and gave the stock a “buy” rating in a report on Thursday, January 8th. Evercore set a $25.00 target price on shares of Fortrea and gave the company an “outperform” rating in a report on Tuesday, January 6th. Mizuho set a $15.00 target price on Fortrea in a research report on Friday, January 9th. Finally, Robert W. Baird decreased their price target on Fortrea from $19.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fortrea currently has an average rating of “Hold” and a consensus target price of $16.15.

About Fortrea

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.