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 Mcconnell sold 3,156 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Fortrea Price Performance

Fortrea stock traded down $0.06 during midday trading on Wednesday, reaching $10.01. 1,832,109 shares of the stock traded hands, compared to its average volume of 2,321,370. The stock's fifty day moving average is $7.10 and its 200-day moving average is $6.90. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28. The stock has a market cap of $908.91 million, a P/E ratio of -0.88 and a beta of 1.88. 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 analysts' consensus estimates 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 company had revenue of $710.30 million during the quarter, compared to analyst estimates of $631.61 million. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Several large investors have recently bought and sold shares of FTRE. Allworth Financial LP lifted its position in Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company's stock valued at $28,000 after purchasing an additional 5,578 shares during the period. Brooklyn Investment Group raised 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 worth $29,000 after purchasing an additional 3,831 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Fortrea in the 4th quarter worth approximately $30,000. GF Fund Management CO. LTD. purchased a new stake in Fortrea in the 4th quarter worth approximately $35,000. Finally, Osaic Holdings Inc. grew its stake in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock worth $38,000 after acquiring an additional 2,918 shares during the period.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. The Goldman Sachs Group dropped their target price on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Jefferies Financial Group lifted their price objective on Fortrea from $7.00 to $9.50 and gave the company a "hold" rating in a research note on Tuesday. Evercore ISI lifted 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. Barclays restated an "underweight" rating and issued a $6.00 price target (up previously from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. Finally, Mizuho lowered their price objective on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $11.50.

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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