Fortrea (NASDAQ:FTRE) Trading Up 7.9% - Here's What Happened

Key Points

• Fortrea Holdings Inc. (NASDAQ:FTRE) shares increased by 7.9% on Wednesday, trading at $7.89, despite a significant decline in trading volume of approximately 90% from their average.
• Wall Street analysts show a mixed evaluation of Fortrea, with one firm lowering the price target from $7.00 to $5.00, while another upgraded their rating to "strong-buy".
• Fortrea recently reported a quarterly EPS of $0.19, exceeding forecasts and generating a revenue of $710.30 million, surpassing expectations of $631.61 million.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s share price shot up 7.9% on Wednesday . The stock traded as high as $7.90 and last traded at $7.89. 225,806 shares were traded during trading, a decline of 90% from the average session volume of 2,356,381 shares. The stock had previously closed at $7.31.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Truist Financial began coverage on Fortrea in a research report on Friday, May 2nd. They set a "hold" rating and a $7.00 price target on the stock. Robert W. Baird raised shares of Fortrea from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $7.00 to $9.00 in a report on Monday, August 4th. Mizuho decreased their target price on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Finally, Evercore ISI boosted their target price on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortrea has an average rating of "Hold" and an average price target of $13.30.

Fortrea Trading Down 1.5%

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 business's fifty day moving average is $5.81 and its 200-day moving average is $7.49. The firm has a market cap of $719.14 million, a P/E ratio of -0.70 and a beta of 1.81.

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

Insider Buying and Selling at Fortrea

In related news, Director Peter M. Neupert acquired 32,500 shares of the stock in a transaction dated Monday, August 11th. The stock was bought at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the transaction, the director directly owned 98,132 shares of the company's stock, valued at $614,306.32. The trade was a 49.52% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.38% of the company's stock.

Institutional Trading of Fortrea

Institutional investors have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortrea during the fourth quarter worth approximately $30,000. GF Fund Management CO. LTD. bought a new stake in shares of Fortrea in the 4th quarter valued at $35,000. Brooklyn Investment Group lifted its position in shares of Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after acquiring an additional 3,831 shares during the period. Quarry LP boosted its stake in Fortrea by 1,218.7% during the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after acquiring an additional 4,034 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Fortrea during the first quarter worth $39,000.

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.