Fortrea (NASDAQ:FTRE) Trading Up 3.6% – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE) shot up 3.6% on Tuesday . The company traded as high as $18.15 and last traded at $18.0430. 139,105 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,476,482 shares. The stock had previously closed at $17.41.

Wall Street Analysts Forecast Growth

FTRE has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $20.00 price objective on shares of Fortrea in a research report on Thursday, July 30th. William Blair upgraded shares of Fortrea to a “hold” rating in a research report on Wednesday, July 29th. Barclays boosted their price objective on Fortrea from $18.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Mizuho increased their target price on Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Finally, Robert W. Baird set a $23.00 target price on Fortrea in a research report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given 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 price target of $22.00.

Fortrea Price Performance

The stock’s 50-day moving average price is $18.25 and its 200 day moving average price is $14.62. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -20.71, a PEG ratio of 0.41 and a beta of 1.97.

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

Insider Activity at Fortrea

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the company’s stock in a transaction 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 transaction, the chief executive officer directly owned 316,797 shares in the company, valued at $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Several institutional investors have recently modified their holdings of the business. Wellington Management Group LLP acquired a new position in Fortrea during the 2nd quarter worth $41,488,000. Dimensional Fund Advisors LP boosted its stake in shares of Fortrea by 163.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock valued at $12,241,000 after buying an additional 807,081 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Fortrea by 81.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after buying an additional 643,000 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of Fortrea during the first quarter worth about $2,990,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Fortrea by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after buying an additional 293,992 shares in the last quarter.

Fortrea Company Profile

Fortrea Holdings Inc (NASDAQ:FTRE) is a global contract research organization (CRO) that provides clinical development and related services to pharmaceutical, biotechnology and medical device companies. The company supports sponsors as they plan, manage and evaluate clinical studies designed to bring new medicines and therapies to market.

Fortrea’s services span clinical trial management, patient recruitment and engagement, data management, biostatistics, medical monitoring, regulatory support and clinical pharmacology.