Jill Mcconnell Sells 5,061 Shares of Fortrea (NASDAQ:FTRE) Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CFO Jill Mcconnell sold 5,061 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total transaction of $45,903.27. Following the sale, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at $633,049.72. The trade was a 6.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Fortrea Price Performance

Shares of NASDAQ:FTRE traded down $0.02 during midday trading on Friday, hitting $9.02. The company’s stock had a trading volume of 127,445 shares, compared to its average volume of 1,740,666. The company has a market cap of $843.37 million, a P/E ratio of -0.83, a price-to-earnings-growth ratio of 0.34 and a beta of 1.80. Fortrea Holdings Inc. has a 12-month low of $3.97 and a 12-month high of $18.67. The business’s 50 day simple moving average is $13.75 and its 200 day simple moving average is $12.43. The company has a debt-to-equity ratio of 1.86, a quick ratio of 0.98 and a current ratio of 0.98.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). The business had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.22 million. Fortrea had a negative net margin of 36.21% and a positive return on equity of 6.23%. On average, analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Truist Financial set a $22.00 price target on Fortrea and gave the stock a “buy” rating in a report on Thursday, January 8th. Mizuho set a $15.00 price objective on shares of Fortrea in a report on Friday, January 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research report on Thursday, January 22nd. Wedbush set a $21.00 target price on shares of Fortrea in a research note on Thursday, December 11th. Finally, TD Cowen upgraded shares of Fortrea from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Monday. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $16.15.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC raised its holdings in Fortrea by 494.8% in the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after buying an additional 5,419,842 shares during the period. Park West Asset Management LLC purchased a new position in Fortrea during the third quarter worth about $18,579,000. Iron Triangle Partners LP acquired a new stake in shares of Fortrea during the fourth quarter valued at about $34,264,000. MetLife Investment Management LLC increased its position in shares of Fortrea by 2,328.5% during the fourth quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock valued at $23,609,000 after acquiring an additional 1,312,297 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new stake in shares of Fortrea in the 2nd quarter valued at approximately $5,087,000.

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.