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

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 shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the transaction, the chief executive officer owned 316,797 shares of the company’s stock, valued at $6,069,830.52. The trade was a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Fortrea Stock Performance

Shares of FTRE opened at $17.69 on Friday. 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 stock has a market cap of $1.68 billion, a P/E ratio of -19.44, a P/E/G ratio of 0.46 and a beta of 1.99. The business’s 50 day moving average price is $17.42 and its 200-day moving average price is $13.85. Fortrea Holdings Inc. has a 52 week low of $6.07 and a 52 week high of $21.39.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FTRE shares. Mizuho raised their price target on Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $20.00 price objective on shares of Fortrea in a research report on Thursday, July 30th. Robert W. Baird set a $23.00 price objective on shares of Fortrea in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a report on Friday, July 17th. Finally, TD Cowen upped their target price on shares of Fortrea from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and an average price target of $20.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FTRE. AQR Capital Management LLC lifted its position in Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after purchasing an additional 5,419,842 shares during the period. Park West Asset Management LLC purchased a new stake in Fortrea in the third quarter worth approximately $18,579,000. Iron Triangle Partners LP bought a new stake in Fortrea in the 4th quarter worth approximately $34,264,000. MetLife Investment Management LLC grew its position 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, Dimensional Fund Advisors LP raised its stake in Fortrea by 163.8% during 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 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.