Fortrea Holdings Inc. (NASDAQ:FTRE) CFO Jill G. Mcconnell Sells 3,130 Shares

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) CFO Jill G. Mcconnell sold 3,130 shares of Fortrea stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $4.17, for a total value of $13,052.10. Following the completion of the transaction, the chief financial officer now owns 48,344 shares of the company's stock, valued at approximately $201,594.48. This represents a 6.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Fortrea Trading Up 6.7%

Fortrea stock traded up $0.34 during trading on Friday, reaching $5.46. 1,203,970 shares of the company were exchanged, compared to its average volume of 1,823,815. The stock's 50 day simple moving average is $5.37 and its two-hundred day simple moving average is $12.50. The company has a market capitalization of $494.31 million, a P/E ratio of -1.60, a PEG ratio of 1.78 and a beta of 2.15. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $28.41.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $651.30 million for the quarter, compared to analysts' expectations of $609.63 million. On average, equities research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. The Goldman Sachs Group dropped their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Wednesday, May 14th. Mizuho cut their price target on shares of Fortrea from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. Citigroup reiterated a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Finally, Barclays reduced their price target on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the company's stock. According to data from MarketBeat, Fortrea presently has an average rating of "Hold" and a consensus price target of $15.00.

Institutional Trading of Fortrea

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. KLP Kapitalforvaltning AS purchased a new position in Fortrea in the fourth quarter worth approximately $300,000. Alliancebernstein L.P. lifted its stake in shares of Fortrea by 107.3% in the 4th quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock valued at $2,086,000 after purchasing an additional 57,879 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Fortrea during the 4th quarter worth $1,082,000. Norges Bank purchased a new position in shares of Fortrea during the 4th quarter worth $330,000. Finally, Ameriprise Financial Inc. increased its position in shares of Fortrea by 54.8% during the 4th quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock worth $9,356,000 after purchasing an additional 177,608 shares during the last quarter.

About Fortrea

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.