Fortrea Holdings Inc. (NASDAQ:FTRE) Director Acquires $203,450.00 in 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 purchased 32,500 shares of the stock in a transaction on Monday, August 11th. The shares were purchased at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the transaction, the director directly owned 98,132 shares of the company's stock, valued at approximately $614,306.32. This represents a 49.52% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Fortrea Trading Down 2.9%

Shares of NASDAQ FTRE traded down $0.19 during trading hours on Monday, hitting $6.39. The company's stock had a trading volume of 1,852,186 shares, compared to its average volume of 1,956,454. 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 stock has a market cap of $580.21 million, a price-to-earnings ratio of -0.56 and a beta of 1.81. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28. The business has a 50-day simple moving average of $5.54 and a 200-day simple moving average of $7.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share 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 analysts' expectations of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Large investors have recently bought and sold shares of the company. Allworth Financial LP boosted its position in Fortrea by 6,802.4% during the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company's stock valued at $28,000 after acquiring 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. purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $35,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Fortrea during the first quarter valued at approximately $39,000.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Mizuho lowered their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. The Goldman Sachs Group reduced their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 14th. Truist Financial initiated coverage on Fortrea in a research note on Friday, May 2nd. They set a "hold" rating and a $7.00 price objective on the stock. Barclays reaffirmed an "underweight" rating and set a $6.00 price objective (up from $5.00) on shares of Fortrea in a research note on Thursday. Finally, Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.00.

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.

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