Insider Selling: Fortrea (NASDAQ:FTRE) CFO Sells $16,632.88 in Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CFO Jill Mcconnell sold 1,804 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $9.22, for a total transaction of $16,632.88. Following the sale, the chief financial officer owned 72,276 shares of the company’s stock, valued at $666,384.72. This trade represents a 2.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Fortrea Stock Up 4.6%

Shares of NASDAQ FTRE traded up $0.43 during mid-day trading on Tuesday, reaching $9.70. 1,880,610 shares of the company’s stock traded hands, compared to its average volume of 1,764,351. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98. The business has a 50-day simple moving average of $13.45 and a 200 day simple moving average of $12.48. The stock has a market cap of $906.95 million, a P/E ratio of -0.89, a PEG ratio of 0.32 and a beta of 1.81. Fortrea Holdings Inc. has a 1-year low of $3.97 and a 1-year high of $18.67.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Thursday, February 26th. The company reported $0.09 earnings per share 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 positive return on equity of 6.23% and a negative net margin of 36.21%. On average, analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Analyst Ratings Changes

FTRE has been the topic of several analyst reports. Mizuho set a $15.00 target price on Fortrea in a research report on Friday, January 9th. Evercore set a $25.00 price target on Fortrea and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Truist Financial set a $22.00 price objective on Fortrea and gave the company a “buy” rating in a research note on Thursday, January 8th. 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 research note on Monday, March 9th. Finally, Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and increased their target price for the company from $12.00 to $21.00 in a report on Thursday, December 11th. 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 MarketBeat, Fortrea has an average rating of “Hold” and an average target price of $16.15.

Institutional Investors Weigh In On Fortrea

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted 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 worth $31,729,000 after acquiring an additional 5,419,842 shares during the period. Park West Asset Management LLC bought a new stake in shares of Fortrea during the 3rd quarter valued at $18,579,000. Iron Triangle Partners LP purchased a new stake in Fortrea during the 4th quarter worth about $34,264,000. MetLife Investment Management LLC boosted its stake in Fortrea by 2,328.5% in the 4th quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock worth $23,609,000 after purchasing an additional 1,312,297 shares during the period. Finally, Bank of Nova Scotia bought a new position in Fortrea in the 2nd quarter worth about $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.