Fortrea Holdings Inc. (NASDAQ:FTRE) Director Peter M. Neupert Buys 30,000 Shares

Key Points

• Peter M. Neupert, a director at Fortrea Holdings Inc. (NASDAQ:FTRE), has purchased 30,000 shares at an average price of $6.79 each, increasing his stake by 84.19% to a total of 65,632 shares.
• Fortrea recently reported quarterly earnings of $0.19 per share, significantly beating expectations, with revenues of $710.30 million compared to forecasts of $631.61 million.
• Current analyst consensus ratings for Fortrea suggest a "Hold" position with an average target price of $14.00, as many analysts have issued various ratings from sell to strong buy.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) Director Peter M. Neupert acquired 30,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $6.79 per share, with a total value of $203,700.00. Following the purchase, the director directly owned 65,632 shares in the company, valued at approximately $445,641.28. This represents a 84.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Fortrea Stock Performance

Fortrea stock traded down $0.19 during midday trading on Monday, hitting $6.39. The stock had a trading volume of 1,852,186 shares, compared to its average volume of 1,956,454. The firm's fifty day moving average is $5.54 and its two-hundred day moving average is $7.81. The company has a market capitalization of $580.21 million, a PE ratio of -0.56 and a beta of 1.81. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $25.28. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results 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 company had revenue of $710.30 million for the quarter, compared to analyst estimates of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Ratings Changes

FTRE has been the subject of several analyst reports. Cowen restated a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Evercore ISI boosted their target price on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a report on Friday. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Mizuho dropped their target price on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Finally, Truist Financial initiated coverage on shares of Fortrea in a report on Friday, May 2nd. They set a "hold" rating and a $7.00 price objective on the stock. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $14.00.

Institutional Investors Weigh In On Fortrea

A number of institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd grew its holdings in Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after buying an additional 1,593 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea during the 4th quarter worth about $30,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Fortrea by 8.2% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,235 shares of the company's stock worth $115,000 after acquiring an additional 1,769 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in Fortrea by 1.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 176,159 shares of the company's stock worth $870,000 after purchasing an additional 1,802 shares during the period. Finally, Verdence Capital Advisors LLC increased its holdings in shares of Fortrea by 12.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 16,046 shares of the company's stock valued at $79,000 after acquiring an additional 1,827 shares during the last quarter.

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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