Fortrea (NASDAQ:FTRE) Stock Price Up 5.3% – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price traded up 5.3% during mid-day trading on Tuesday . The company traded as high as $10.94 and last traded at $10.93. 1,865,401 shares were traded during mid-day trading, an increase of 42% from the average session volume of 1,311,824 shares. The stock had previously closed at $10.38.

Wall Street Analyst Weigh In

FTRE has been the topic of a number of research analyst reports. Evercore ISI decreased their price target on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday. TD Cowen lifted their price target on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $28.00 to $25.00 in a research report on Friday, December 6th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research note on Tuesday. Finally, Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.30.

Fortrea Price Performance

The company has a 50-day moving average price of $16.81 and a 200-day moving average price of $19.09. The firm has a market capitalization of $983.11 million, a P/E ratio of -3.20, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period last year, the company earned $0.19 earnings per share. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insider Transactions at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 12,386 shares of company stock valued at $219,751 over the last three months. 0.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

Institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after purchasing an additional 572 shares during the period. Janus Henderson Group PLC increased its position in shares of Fortrea by 2.0% during the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after purchasing an additional 792 shares during the last quarter. Willis Investment Counsel increased its holdings in Fortrea by 0.6% during the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after buying an additional 1,138 shares during the last quarter. Cullen Frost Bankers Inc. grew its position in shares of Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,361 shares during the period. Finally, Financial Counselors Inc. raised its holdings in shares of Fortrea by 1.4% in the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock valued at $1,955,000 after purchasing an additional 1,395 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.