Insider Selling: Fortrea (NASDAQ:FTRE) CAO Sells $17,477.89 in 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 stock was 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 in the company, valued at approximately $203,068.23. This represents a 7.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Fortrea Stock Performance

NASDAQ FTRE opened at $8.93 on Friday. The business has a 50 day moving average price of $13.59 and a 200 day moving average price of $12.43. The company has a market capitalization of $834.96 million, a P/E ratio of -0.82, a PEG ratio of 0.33 and a beta of 1.80. Fortrea Holdings Inc. has a 1-year low of $3.97 and a 1-year high of $18.67. 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 (NASDAQ:FTRE) last posted its earnings results on Thursday, February 26th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). The firm had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.22 million. Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FTRE. Mizuho set a $15.00 price objective on shares of Fortrea in a research note on Friday, January 9th. TD Cowen upgraded shares of Fortrea from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Monday, March 9th. Robert W. Baird cut their target price on shares of Fortrea from $19.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Truist Financial set a $22.00 price target on shares of Fortrea and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, Evercore set a $25.00 price target on shares of Fortrea and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $16.15.

Institutional Investors Weigh In On Fortrea

Several hedge funds have recently modified their holdings of FTRE. Brandes Investment Partners LP raised its stake in Fortrea by 72.8% during the second quarter. Brandes Investment Partners LP now owns 224,272 shares of the company’s stock worth $1,108,000 after purchasing an additional 94,448 shares during the period. Eagle Health Investments LP purchased a new stake in shares of Fortrea during the 3rd quarter valued at $8,325,000. ProShare Advisors LLC purchased a new stake in shares of Fortrea during the 2nd quarter valued at $117,000. Bank of Nova Scotia acquired a new stake in shares of Fortrea during the 2nd quarter worth $5,087,000. Finally, Allianz Asset Management GmbH increased its holdings in shares of Fortrea by 20.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 305,008 shares of the company’s stock worth $2,568,000 after buying an additional 50,902 shares during the last quarter.

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.