Thomas Pike Purchases 10,000 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) Stock

Fortrea Holdings Inc. (NASDAQ:FTREGet Free Report) CEO Thomas Pike bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the acquisition, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Fortrea Price Performance

Fortrea stock opened at $25.39 on Friday. Fortrea Holdings Inc. has a 12 month low of $24.18 and a 12 month high of $41.02. The stock’s 50 day moving average is $34.56 and its 200-day moving average is $33.94. The company has a current ratio of 1.47, a quick ratio of 1.62 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $2.27 billion and a price-to-earnings ratio of -18.27.

Fortrea (NASDAQ:FTREGet Free Report) last posted its earnings results on Monday, May 13th. The company reported ($0.04) EPS for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. Equities research analysts expect that Fortrea Holdings Inc. will post 0.8 EPS for the current year.

Wall Street Analyst Weigh In

FTRE has been the topic of several analyst reports. TD Cowen initiated coverage on Fortrea in a report on Wednesday. They set a “hold” rating and a $27.00 target price on the stock. Bank of America dropped their target price on Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft dropped their target price on Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday, May 23rd. Robert W. Baird upgraded Fortrea from a “neutral” rating to an “outperform” rating and dropped their price objective for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. Finally, Evercore ISI dropped their price objective on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.78.

Check Out Our Latest Report on FTRE

Hedge Funds Weigh In On Fortrea

Several institutional investors and hedge funds have recently made changes to their positions in FTRE. Vanguard Group Inc. acquired a new position in shares of Fortrea in the fourth quarter valued at approximately $347,110,000. Boston Partners acquired a new stake in Fortrea during the fourth quarter worth approximately $132,741,000. Gates Capital Management Inc. acquired a new stake in Fortrea during the fourth quarter worth approximately $67,859,000. Brandes Investment Partners LP acquired a new stake in Fortrea during the fourth quarter worth approximately $59,056,000. Finally, Nordea Investment Management AB grew its position in Fortrea by 4,500.5% during the first quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock worth $39,259,000 after buying an additional 960,865 shares in the last quarter.

About Fortrea

(Get Free Report)

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.

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