Insider Selling: Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Sells $203,274.72 in Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Fortrea Stock Down 0.1 %

Shares of Fortrea stock opened at $17.81 on Friday. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The firm has a market capitalization of $1.60 billion, a PE ratio of -5.21, a price-to-earnings-growth ratio of 2.04 and a beta of 1.24. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock’s fifty day moving average is $19.93 and its 200-day moving average is $21.25.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. Fortrea’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on FTRE shares. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $28.00 to $25.00 in a report on Friday, December 6th. TD Cowen increased their price target on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group decreased their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $23.30.

Hedge Funds Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Starboard Value LP lifted its position in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after buying an additional 400,000 shares in the last quarter. Sessa Capital IM L.P. grew its stake in Fortrea by 2.3% in the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock valued at $138,161,000 after buying an additional 158,044 shares during the last quarter. Pacer Advisors Inc. lifted its position in Fortrea by 5,021,169.7% during the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after acquiring an additional 6,125,827 shares during the last quarter. FMR LLC lifted its position in Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after acquiring an additional 2,304,677 shares during the last quarter. Finally, State Street Corp boosted its holdings in Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after acquiring an additional 233,577 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.