Insider Selling: Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Sells 11,268 Shares of Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Fortrea Price Performance

Shares of FTRE traded down $0.67 during mid-day trading on Tuesday, reaching $17.64. 977,965 shares of the company’s stock were exchanged, compared to its average volume of 970,239. 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 company has a 50-day simple moving average of $19.93 and a two-hundred day simple moving average of $21.34. Fortrea Holdings Inc. has a 52-week low of $16.53 and a 52-week high of $41.02. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -5.16, a PEG ratio of 3.02 and a beta of 1.24.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 earnings per share. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on FTRE shares. Barclays raised their price objective on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Evercore ISI decreased their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. The Goldman Sachs Group decreased their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Finally, TD Cowen increased their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. One research 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 company currently has an average rating of “Hold” and a consensus target price of $23.30.

Institutional Trading of Fortrea

Several hedge funds and other institutional investors have recently bought and sold shares of FTRE. Hara Capital LLC purchased a new stake in Fortrea in the 3rd quarter worth approximately $29,000. University of Texas Texas AM Investment Management Co. grew its stake in Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after acquiring an additional 1,250 shares during the period. Covestor Ltd boosted its holdings in shares of Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares during the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Fortrea in the 3rd quarter valued at $57,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 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.