Peter M. Neupert Buys 32,500 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) Stock

Key Points

• Peter M. Neupert, Director of Fortrea Holdings Inc., purchased 32,500 shares at an average price of $6.26, resulting in a total investment of $203,450 and a 49.52% increase in ownership.
• Fortrea's stock is currently trading at $6.39, showing a decrease of 2.9%, with a market cap of $580.21 million.
• The company reported earnings of $0.19 per share for the latest quarter, significantly beating the consensus estimate of $0.06, alongside a revenue of $710.30 million compared to expectations of $631.61 million.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) Director Peter M. Neupert acquired 32,500 shares of the company's stock in a transaction on Monday, August 11th. The stock was acquired at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the purchase, the director directly owned 98,132 shares of the company's stock, valued at approximately $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Fortrea Stock Up 1.4%

FTRE traded up $0.11 during midday trading on Friday, reaching $8.01. 269,586 shares of the company were exchanged, compared to its average volume of 2,347,760. The company has a market cap of $727.31 million, a price-to-earnings ratio of -0.70 and a beta of 1.81. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02. The company's fifty day moving average price is $5.71 and its 200 day moving average price is $7.74. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.06 by $0.13. The business had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. As a group, analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Institutional Investors Weigh In On Fortrea

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP raised its position in Fortrea by 6,802.4% during the second quarter. Allworth Financial LP now owns 5,660 shares of the company's stock valued at $28,000 after purchasing an additional 5,578 shares in the last quarter. Brooklyn Investment Group lifted its holdings in shares of Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after purchasing an additional 3,831 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $30,000. GF Fund Management CO. LTD. bought a new stake in Fortrea in the 4th quarter worth approximately $35,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Fortrea in the 1st quarter worth approximately $39,000.

Analyst Ratings Changes

Several analysts have issued reports on the company. Robert W. Baird upgraded Fortrea from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $7.00 to $9.00 in a research note on Monday, August 4th. Cowen reiterated a "hold" rating on shares of Fortrea in a research note on Wednesday, May 14th. Mizuho lowered their target price on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Evercore ISI increased their price target on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Finally, Truist Financial initiated coverage on Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $13.30.

Fortrea Company Profile

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.