Fortrea (NASDAQ:FTRE) CEO Anshul Thakral Sells 99,869 Shares of Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Anshul Thakral sold 99,869 shares of Fortrea stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the completion of the transaction, the chief executive officer owned 316,797 shares of the company’s stock, valued at $6,069,830.52. This represents a 23.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Fortrea Stock Down 7.1%

Shares of NASDAQ:FTRE traded down $1.36 during trading hours on Thursday, reaching $17.69. The stock had a trading volume of 1,253,421 shares, compared to its average volume of 1,538,832. Fortrea Holdings Inc. has a 1 year low of $6.07 and a 1 year high of $21.39. The firm’s 50 day moving average is $17.37 and its 200-day moving average is $13.85. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -19.44, a P/E/G ratio of 0.43 and a beta of 1.99. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The firm had revenue of $678.20 million during the quarter, compared to the consensus estimate of $647.57 million. Research analysts predict that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FTRE shares. Robert W. Baird set a $23.00 target price on Fortrea in a research note on Thursday, July 30th. Citigroup boosted their price objective on shares of Fortrea from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Evercore reaffirmed an “outperform” rating on shares of Fortrea in a research report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $20.00 price objective on shares of Fortrea in a research note on Thursday, July 30th. Finally, TD Cowen boosted their target price on Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.75.

Institutional Investors Weigh In On Fortrea

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Fortrea by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock valued at $143,710,000 after acquiring an additional 258,098 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Fortrea by 3.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock valued at $142,702,000 after purchasing an additional 293,992 shares during the period. AQR Capital Management LLC raised its stake in shares of Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after purchasing an additional 5,419,842 shares during the last quarter. State Street Corp lifted its holdings in shares of Fortrea by 1.0% during the fourth quarter. State Street Corp now owns 4,110,899 shares of the company’s stock worth $70,913,000 after purchasing an additional 39,777 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Fortrea by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,219,029 shares of the company’s stock valued at $55,528,000 after buying an additional 565,891 shares during the period.

Fortrea Company Profile

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.