Fortrea (NASDAQ:FTRE) Trading Up 6.3%

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price was up 6.3% during mid-day trading on Thursday . The stock traded as high as $25.07 and last traded at $24.80. Approximately 327,802 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,085,056 shares. The stock had previously closed at $23.34.

Analyst Ratings Changes

Several research analysts have issued reports on FTRE shares. Deutsche Bank Aktiengesellschaft cut their price objective on Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research report on Thursday, May 23rd. Mizuho assumed coverage on Fortrea in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price target for the company. Bank of America dropped their price target on Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a research report on Tuesday, May 14th. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, TD Cowen assumed coverage on Fortrea in a research report on Wednesday, May 29th. They issued a “hold” rating and a $27.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.30.

Fortrea Trading Down 3.3 %

The business has a 50 day simple moving average of $29.96 and a 200-day simple moving average of $33.16. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. Fortrea’s revenue for the quarter was down 4.6% on a year-over-year basis. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.75 earnings per share for the current year.

Insider Activity

In other news, General Counsel James S. Hanson acquired 2,000 shares of Fortrea stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $25.30 per share, with a total value of $50,600.00. Following the purchase, the general counsel now directly owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Thomas Pike acquired 10,000 shares of Fortrea stock in a transaction dated Wednesday, May 29th. The shares were acquired at an average cost of $24.81 per share, with a total value of $248,100.00. Following the purchase, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel James S. Hanson purchased 2,000 shares of Fortrea stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the general counsel now directly owns 7,475 shares in the company, valued at approximately $189,117.50. The disclosure for this purchase can be found here. Corporate insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. acquired a new position in Fortrea during the 4th quarter worth approximately $347,110,000. Boston Partners increased its holdings in shares of Fortrea by 3.2% in the 1st quarter. Boston Partners now owns 3,938,584 shares of the company’s stock valued at $157,075,000 after acquiring an additional 121,126 shares during the last quarter. Gates Capital Management Inc. bought a new stake in shares of Fortrea in the 4th quarter valued at approximately $67,859,000. Brandes Investment Partners LP bought a new stake in shares of Fortrea in the 4th quarter valued at approximately $59,056,000. Finally, Nordea Investment Management AB increased its holdings in shares of Fortrea by 4,500.5% in the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after acquiring an additional 960,865 shares during the last quarter.

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.