James Hanson Sells 1,677 Shares of Fortrea (NASDAQ:FTRE) Stock

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 Hanson sold 1,677 shares of Fortrea stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $17,155.71. Following the sale, the general counsel directly owned 19,092 shares of the company's stock, valued at $195,311.16. This trade represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Fortrea Stock Down 0.6%

Shares of Fortrea stock traded down $0.06 during midday trading on Wednesday, reaching $10.01. 1,832,109 shares of the company's stock traded hands, compared to its average volume of 2,321,370. The company has a market cap of $908.91 million, a price-to-earnings ratio of -0.88 and a beta of 1.88. The company's 50 day simple moving average is $7.10 and its 200 day simple moving average is $6.90. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. The business 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%. Equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock valued at $59,000 after purchasing an additional 6,909 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Fortrea by 56.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company's stock valued at $122,000 after purchasing an additional 6,270 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Fortrea during the 1st quarter valued at about $119,000. Ameriprise Financial Inc. lifted its holdings in Fortrea by 54.8% during the 4th quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock valued at $9,356,000 after purchasing an additional 177,608 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Fortrea by 960.3% during the 1st 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 during the last quarter.

Wall Street Analysts Forecast Growth

FTRE has been the subject of a number of research analyst reports. Jefferies Financial Group boosted their target price on shares of Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a research report on Tuesday. Robert W. Baird raised their price target on shares of Fortrea from $9.00 to $14.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 3rd. Barclays reiterated an "underweight" rating and set a $6.00 target price (up from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Baird R W upgraded shares of Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Finally, Mizuho decreased their target price on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. One equities research 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 company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $11.50.

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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