Fortrea (NASDAQ:FTRE) Trading Up 7.2% - What's Next?

Key Points

• Fortrea Holdings Inc. (NASDAQ:FTRE) saw its shares rise by 7.2% on Wednesday, trading as high as $9.26 amidst a notable decline in average trading volume.
• Despite recent price target adjustments by several brokerages, including a downgrade by Mizuho, most analysts maintain a consensus rating of "Hold" for the stock with an average price target of $11.50.
• Fortrea reported earnings of $0.19 EPS for the last quarter, exceeding estimates, and generated revenue of $710.30 million, demonstrating strong market performance.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) shares shot up 7.2% on Wednesday . The stock traded as high as $9.26 and last traded at $9.03. 156,916 shares were traded during mid-day trading, a decline of 93% from the average session volume of 2,245,278 shares. The stock had previously closed at $8.42.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTRE. Mizuho lowered their price objective on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Baird R W upgraded shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Wall Street Zen upgraded shares of Fortrea from a "hold" rating to a "buy" rating in a research note on Friday, September 26th. Evercore ISI boosted their price target on Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. Finally, Jefferies Financial Group upped their price target on Fortrea from $7.00 to $9.50 and gave the company a "hold" rating in a report on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $11.50.

Fortrea Stock Up 10.5%

The company has a market capitalization of $844.44 million, a price-to-earnings ratio of -0.82 and a beta of 1.88. The business has a fifty day simple moving average of $8.50 and a two-hundred day simple moving average of $6.68. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87.

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

Insiders Place Their Bets

In other news, Director Erin L. Russell acquired 9,854 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was bought at an average price of $10.15 per share, with a total value of $100,018.10. Following the completion of the acquisition, the director owned 9,854 shares in the company, valued at approximately $100,018.10. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jill G. Mcconnell sold 3,156 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total value of $32,285.88. Following the completion of the transaction, the chief financial officer directly owned 58,770 shares in the company, valued at $601,217.10. The trade was a 5.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company's stock.

Institutional Trading of Fortrea

Several large investors have recently made changes to their positions in the business. Two Sigma Advisers LP acquired a new position in Fortrea during the 4th quarter worth about $388,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortrea by 2.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,034 shares of the company's stock worth $4,756,000 after purchasing an additional 5,691 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Fortrea by 6,216.1% during the first quarter. GAMMA Investing LLC now owns 59,245 shares of the company's stock valued at $447,000 after purchasing an additional 58,307 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Fortrea by 960.3% in the first quarter. SG Americas Securities LLC now owns 129,318 shares of the company's stock valued at $976,000 after purchasing an additional 117,122 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Fortrea in the 1st quarter worth approximately $9,232,000.

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.

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