Fortrea (NASDAQ:FTRE) General Counsel James S. Hanson Sells 1,677 Shares

Key Points

• James Hanson, General Counsel of Fortrea Holdings Inc., sold 1,677 shares, reducing his stake by 8.07%, while retaining 19,092 shares valued at approximately $195,311.16.
• Fortrea's stock price fell by 0.6% to $10.01, following an average trading volume of 2,321,370 shares with a market capitalization of $908.91 million.
• The company recently reported earnings of $0.19 per share, surpassing analyst expectations, coupled with a revenue of $710.30 million for the latest quarter.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) General Counsel James S. Hanson sold 1,677 shares of the company's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $17,155.71. Following the completion of the transaction, the general counsel directly owned 19,092 shares in the company, valued at approximately $195,311.16. This trade represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Fortrea Trading Up 1.0%

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

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share (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 firm had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on FTRE. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Jefferies Financial Group upped their price objective on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a research report on Tuesday, September 9th. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Barclays reaffirmed an "underweight" rating and set a $6.00 price objective (up from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Finally, Mizuho lowered their price objective on Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. One investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $11.50.

Institutional Trading of Fortrea

A number of large investors have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its position in shares of Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock valued at $38,000 after purchasing an additional 2,918 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Fortrea by 88.2% in the 2nd quarter. Thrivent Financial for Lutherans now owns 229,368 shares of the company's stock valued at $1,133,000 after purchasing an additional 107,522 shares during the period. State of Wyoming boosted its position in shares of Fortrea by 194.0% in the 2nd quarter. State of Wyoming now owns 73,638 shares of the company's stock valued at $364,000 after purchasing an additional 48,588 shares during the period. Hudson Bay Capital Management LP boosted its position in shares of Fortrea by 46.3% in the 2nd quarter. Hudson Bay Capital Management LP now owns 440,000 shares of the company's stock valued at $2,174,000 after purchasing an additional 139,188 shares during the period. Finally, Public Sector Pension Investment Board boosted its position in shares of Fortrea by 8.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 308,551 shares of the company's stock valued at $1,524,000 after purchasing an additional 24,096 shares during the period.

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.