Insider Selling: Fortrea (NASDAQ:FTRE) CFO Sells 3,156 Shares of Stock

Key Points

• Fortrea CFO Jill Mcconnell sold 3,156 shares of stock at an average price of $10.23, bringing her total holdings down to 58,770 shares, marking a decrease of 5.10% in her position.
• The company reported $0.19 EPS in its last earnings announcement, exceeding expectations of $0.06 and generating revenues of $710.30 million, which also surpassed the forecast of $631.61 million.
• Analysts hold a consensus rating of "Hold" on Fortrea, with a target price averaging $11.50, while the stock currently trades around $10.01.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) CFO Jill G. Mcconnell sold 3,156 shares of the business's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction 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. This trade represents a 5.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Fortrea Stock Performance

Shares of NASDAQ:FTRE traded up $0.10 during midday trading on Monday, reaching $10.20. The company had a trading volume of 1,236,217 shares, compared to its average volume of 1,847,848. The company's 50 day moving average price is $7.51 and its 200 day moving average price is $6.72. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The stock has a market cap of $926.16 million, a P/E ratio of -0.90 and a beta of 1.88. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $25.28.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on FTRE. Mizuho dropped their price objective on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Robert W. Baird upped their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Evercore ISI upped their price objective on shares of Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Fortrea has an average rating of "Hold" and a consensus price target of $11.50.

Institutional Investors Weigh In On Fortrea

A number of institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fortrea in the fourth quarter worth about $30,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Fortrea by 8.2% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,235 shares of the company's stock worth $115,000 after purchasing an additional 1,769 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Fortrea by 1.0% in the second 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 last quarter. Verdence Capital Advisors LLC increased its position in shares of Fortrea by 12.8% in the second quarter. Verdence Capital Advisors LLC now owns 16,046 shares of the company's stock worth $79,000 after purchasing an additional 1,827 shares during the last quarter. Finally, GF Fund Management CO. LTD. bought a new position in shares of Fortrea in the fourth quarter worth approximately $35,000.

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.