Key Points
- CFO Jill Mcconnell sold 1,804 shares at an average price of $9.22 on March 16 for $16,632.88, trimming her stake by 2.44% to 72,276 shares (≈$666,385).
- Fortrea missed quarterly EPS estimates, reporting $0.09 versus the $0.16 consensus and showing a negative net margin (-36.21%) on $660.5M revenue, signaling profitability pressure.
- Shares trade near $9.70 (recently up ~4.6%) well below the average analyst target of $16.15, with mixed ratings and significant institutional moves including large purchases by AQR.
Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) CFO Jill Mcconnell sold 1,804 shares of the company's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $9.22, for a total transaction of $16,632.88. Following the completion of the sale, the chief financial officer directly owned 72,276 shares of the company's stock, valued at approximately $666,384.72. This trade represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Fortrea Trading Up 4.6%
NASDAQ FTRE opened at $9.70 on Wednesday. The company's 50-day simple moving average is $13.29 and its two-hundred day simple moving average is $12.47. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $18.67. The company has a market capitalization of $906.95 million, a price-to-earnings ratio of -0.89, a price-to-earnings-growth ratio of 0.34 and a beta of 1.80. The company has a debt-to-equity ratio of 1.86, a quick ratio of 0.98 and a current ratio of 0.98.
Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.07). The business had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.22 million. Fortrea had a negative net margin of 36.21% and a positive return on equity of 6.23%. Equities analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.
Institutional Investors Weigh In On Fortrea
Several institutional investors and hedge funds have recently made changes to their positions in FTRE. AQR Capital Management LLC grew its holdings in shares of Fortrea by 494.8% during the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company's stock valued at $31,729,000 after buying an additional 5,419,842 shares during the last quarter. Park West Asset Management LLC purchased a new position in Fortrea in the 3rd quarter worth $18,579,000. Iron Triangle Partners LP acquired a new stake in Fortrea during the 4th quarter worth about $34,264,000. MetLife Investment Management LLC grew its stake in Fortrea by 2,328.5% during the 4th quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company's stock valued at $23,609,000 after purchasing an additional 1,312,297 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new position in shares of Fortrea in the second quarter valued at about $5,087,000.
Analyst Ratings Changes
FTRE has been the topic of a number of recent research reports. Barclays dropped their price objective on Fortrea from $15.00 to $12.00 and set an "equal weight" rating on the stock in a research report on Friday, February 27th. TD Cowen upgraded shares of Fortrea from a "hold" rating to a "buy" rating and set a $15.00 price target on the stock in a report on Monday, March 9th. Robert W. Baird cut their price objective on shares of Fortrea from $19.00 to $16.00 and set an "outperform" rating on the stock in a research report on Friday, February 27th. Evercore set a $25.00 price objective on shares of Fortrea and gave the stock an "outperform" rating in a research note on Tuesday, January 6th. Finally, Truist Financial set a $22.00 target price on shares of Fortrea and gave the company a "buy" rating in a research note on Thursday, January 8th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $16.15.
Get Our Latest Research Report on FTRE
Fortrea Company Profile
(
Get Free Report)
Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific's Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company's comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.
Fortrea's core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
