Insider Selling: Fortrea (NASDAQ:FTRE) CFO Sells 5,061 Shares of Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CFO Jill Mcconnell sold 5,061 shares of the firm’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 $45,903.27. Following the transaction, the chief financial officer owned 69,796 shares in the company, valued at approximately $633,049.72. The trade was a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Fortrea Trading Up 5.3%

FTRE stock traded up $0.47 during midday trading on Wednesday, hitting $9.42. The company had a trading volume of 1,876,299 shares, compared to its average volume of 1,770,689. The stock has a market cap of $880.77 million, a price-to-earnings ratio of -0.86, a PEG ratio of 0.36 and a beta of 1.80. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $18.67. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.86. The stock’s 50 day moving average price is $14.07 and its 200 day moving average price is $12.47.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Thursday, February 26th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.07). Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%.The firm had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.22 million. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada boosted its position in shares of Fortrea by 48.9% in the 1st quarter. Royal Bank of Canada now owns 121,707 shares of the company’s stock worth $920,000 after purchasing an additional 39,944 shares in the last quarter. Caxton Associates LLP bought a new position in shares of Fortrea during the first quarter valued at $196,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Fortrea by 10.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 282,780 shares of the company’s stock valued at $2,135,000 after acquiring an additional 27,746 shares in the last quarter. Focus Partners Wealth purchased a new position in shares of Fortrea in the 1st quarter worth about $80,000. Finally, Acadian Asset Management LLC bought a new position in Fortrea in the 1st quarter worth about $65,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Thursday, January 22nd. Citigroup upgraded Fortrea from a “neutral” rating to a “buy” rating and boosted their price target for the company from $12.00 to $21.00 in a report on Thursday, December 11th. Wedbush set a $21.00 price target on Fortrea in a research report on Thursday, December 11th. Barclays dropped their price objective on Fortrea from $15.00 to $12.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Finally, Evercore set a $25.00 price objective on Fortrea and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.15.

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.