Fortrea (NASDAQ:FTRE) Shares Gap Up – Here’s What Happened

by · The Markets Daily

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $9.70, but opened at $10.68. Fortrea shares last traded at $12.10, with a volume of 711,686 shares traded.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Fortrea from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Citigroup restated a “neutral” rating on shares of Fortrea in a report on Tuesday, October 7th. Jefferies Financial Group lifted their target price on shares of Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. Zacks Research cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Mizuho set a $11.00 price target on Fortrea in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $13.17.

Check Out Our Latest Report on Fortrea

Fortrea Stock Performance

The stock’s 50 day moving average is $10.06 and its two-hundred day moving average is $7.30. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -1.00, a price-to-earnings-growth ratio of 0.52 and a beta of 1.86. The company has a current ratio of 1.00, a quick ratio of 1.02 and a debt-to-equity ratio of 1.81.

Fortrea (NASDAQ:FTRE – Get Free Report) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%.The business had revenue of $701.30 million during the quarter, compared to the consensus estimate of $643.43 million. Fortrea has set its FY 2025 guidance at EPS. Analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the sale, the chief financial officer directly owned 54,770 shares of the company’s stock, valued at approximately $438,707.70. This represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter M. Neupert acquired 32,500 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was purchased at an average cost of $6.26 per share, with a total value of $203,450.00. Following the transaction, the director owned 98,132 shares in the company, valued at approximately $614,306.32. This trade represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 10,311 shares of company stock valued at $94,635 in the last 90 days. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortrea

A number of institutional investors have recently bought and sold shares of the business. Allworth Financial LP increased its holdings in shares of Fortrea by 6,802.4% during the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after acquiring an additional 5,578 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Fortrea by 214.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $28,000 after buying an additional 2,278 shares during the last quarter. Brooklyn Investment Group grew its stake in Fortrea by 9,577.5% in the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after buying an additional 3,831 shares during the last quarter. Osaic Holdings Inc. raised its holdings in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after acquiring an additional 2,918 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Fortrea during the first quarter worth approximately $39,000.

Fortrea Company Profile

(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.

Featured Articles