Thomas Pike Sells 11,268 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) Stock

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

Fortrea Trading Down 3.7 %

NASDAQ:FTRE traded down $0.67 during trading hours on Tuesday, reaching $17.64. 977,965 shares of the 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 business has a 50-day moving average of $19.93 and a two-hundred day moving average of $21.34. Fortrea Holdings Inc. has a twelve month low of $16.53 and a twelve month high of $41.02. The company has a market capitalization 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 quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same quarter last year, the company earned $0.24 earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Analyst Ratings Changes

FTRE has been the topic of a number of research reports. Evercore ISI decreased their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. Barclays lifted their price target on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. TD Cowen lifted their price target on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and reduced their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $23.30.

Institutional Trading of Fortrea

A number of large investors have recently modified their holdings of the stock. Starboard Value LP increased its holdings in Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after buying an additional 400,000 shares during the last quarter. Sessa Capital IM L.P. increased its holdings in Fortrea by 2.3% in the third 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. increased its holdings in Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after buying an additional 6,125,827 shares during the last quarter. FMR LLC increased its holdings in Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after buying an additional 2,304,677 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after purchasing an additional 233,577 shares during the last quarter.

About Fortrea

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.