Fortrea (NASDAQ:FTRE) Announces Quarterly Earnings Results

Fortrea (NASDAQ:FTRE) announced its quarterly earnings data on Wednesday. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04), Zacks reports. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%.The firm had revenue of $701.30 million during the quarter, compared to analyst estimates of $643.43 million. Fortrea updated its FY 2025 guidance to EPS.

Fortrea Trading Down 4.6%

FTRE traded down $0.55 during trading on Thursday, hitting $11.40. 783,511 shares of the company’s stock were exchanged, compared to its average volume of 2,127,625. The firm has a market cap of $1.04 billion, a P/E ratio of -1.00, a price-to-earnings-growth ratio of 0.42 and a beta of 1.86. The stock has a 50 day moving average price of $10.01 and a 200 day moving average price of $7.23. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea has a 1 year low of $3.97 and a 1 year high of $25.28.

Insiders Place Their Bets

In related news, Director Peter M. Neupert bought 32,500 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average price of $6.26 per share, with a total value of $203,450.00. Following the completion of the transaction, the director owned 98,132 shares of the company’s stock, valued at $614,306.32. The trade was a 49.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jill G. Mcconnell sold 3,156 shares of the company’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the transaction, the chief financial officer owned 58,770 shares in the company, valued at approximately $601,217.10. The trade was a 5.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have acquired 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FTRE. Osaic Holdings Inc. lifted its stake in Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after buying an additional 2,918 shares during the period. Acadian Asset Management LLC purchased a new stake in Fortrea during the 1st quarter worth about $65,000. Tower Research Capital LLC TRC raised its position in shares of Fortrea by 137.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after buying an additional 5,036 shares in the last quarter. Focus Partners Wealth bought a new stake in shares of Fortrea in the 1st quarter worth approximately $80,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Fortrea by 662.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company’s stock worth $59,000 after buying an additional 10,395 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTRE. Jefferies Financial Group upped their target price on Fortrea from $7.00 to $9.50 and gave the company a “hold” rating in a research report on Tuesday, September 9th. Zacks Research lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Robert W. Baird upped their target price on Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Barclays raised their target price on Fortrea from $8.00 to $10.00 and gave the stock an “underweight” rating in a report on Thursday. Finally, Evercore ISI lifted their price target on Fortrea from $7.00 to $11.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.61.

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.