Fortrea (NASDAQ:FTRE) Shares Gap Up After Strong Earnings

Fortrea Holdings Inc. (NASDAQ:FTRE) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $28.21, but opened at $29.43. Fortrea shares last traded at $30.69, with a volume of 145,284 shares trading hands.

The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.08. The business had revenue of $776.40 million during the quarter, compared to the consensus estimate of $748.90 million. Fortrea’s quarterly revenue was up 1.8% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FTRE shares. Evercore ISI reduced their price objective on shares of Fortrea from $31.00 to $30.00 in a research note on Wednesday, October 11th. Citigroup started coverage on shares of Fortrea in a research note on Thursday, October 19th. They set a “neutral” rating and a $32.00 price objective for the company. Barclays began coverage on shares of Fortrea in a research note on Tuesday, August 15th. They set an “equal weight” rating and a $29.00 price objective for the company. Finally, Bank of America began coverage on shares of Fortrea in a research note on Monday, August 7th. They issued an “underperform” rating and a $27.00 price target for the company.

Insider Activity

In other Fortrea news, Director Peter M. Neupert acquired 11,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was bought at an average price of $25.30 per share, with a total value of $278,300.00. Following the purchase, the director now owns 21,996 shares of the company’s stock, valued at $556,498.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Thomas Pike purchased 20,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was bought at an average cost of $25.23 per share, for a total transaction of $504,600.00. Following the acquisition, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at approximately $504,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter M. Neupert purchased 11,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were purchased at an average price of $25.30 per share, with a total value of $278,300.00. Following the completion of the acquisition, the director now directly owns 21,996 shares in the company, valued at $556,498.80. The disclosure for this purchase can be found here.

Fortrea Price Performance

The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.64 and a current ratio of 1.64. The business has a fifty day simple moving average of $28.35.

About Fortrea

Fortrea Holdings Inc provides clinical development and patient access solutions to the life sciences industry. It offers phase I-IV clinical trial management, clinical pharmacology, differentiated technology enabled trial solutions, and post approval services. The company serves pharmaceutical, biotechnology, and medical device organizations.