Fortrea (NASDAQ:FTRE) Trading Up 3.6% – Here’s What Happened

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) shot up 3.6% during mid-day trading on Tuesday . The company traded as high as $18.15 and last traded at $18.0430. Approximately 139,105 shares were traded during trading, a decline of 91% from the average session volume of 1,476,482 shares. The stock had previously closed at $17.41.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $20.00 target price on shares of Fortrea in a report on Thursday, July 30th. Truist Financial boosted their price target on Fortrea from $19.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Zacks Research cut Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. William Blair raised Fortrea to a “hold” rating in a research note on Wednesday, July 29th. Finally, Robert W. Baird set a $23.00 price objective on Fortrea in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Fortrea has an average rating of “Hold” and a consensus price target of $22.00.

Fortrea Trading Up 1.2%

The stock’s 50 day moving average price is $18.35 and its 200-day moving average price is $14.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $1.90 billion, a PE ratio of -21.94, a PEG ratio of 0.48 and a beta of 1.97.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.18 by $0.05. The firm had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. On average, sell-side analysts expect that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Anshul Thakral sold 99,869 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total value of $1,913,490.04. Following the transaction, the chief executive officer directly owned 316,797 shares in the company, valued at $6,069,830.52. The trade was a 23.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortrea

Several institutional investors have recently made changes to their positions in FTRE. Goldman Sachs Group Inc. lifted its holdings in Fortrea by 3.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after purchasing an additional 293,992 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Fortrea during the 2nd quarter valued at approximately $41,488,000. Eagle Health Investments LP grew its holdings in Fortrea by 23.2% during the 4th quarter. Eagle Health Investments LP now owns 1,218,560 shares of the company’s stock valued at $21,020,000 after buying an additional 229,788 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Fortrea by 81.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after buying an additional 643,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Fortrea by 163.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock valued at $12,241,000 after buying an additional 807,081 shares during the last quarter.

Fortrea Company Profile

Fortrea Holdings Inc (NASDAQ:FTRE) is a global contract research organization (CRO) that provides clinical development and related services to pharmaceutical, biotechnology and medical device companies. The company supports sponsors as they plan, manage and evaluate clinical studies designed to bring new medicines and therapies to market.

Fortrea’s services span clinical trial management, patient recruitment and engagement, data management, biostatistics, medical monitoring, regulatory support and clinical pharmacology.