Fortrea (NASDAQ:FTRE) Announces Quarterly Earnings Results

Fortrea (NASDAQ:FTRE) released its quarterly earnings results on Monday. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10), Briefing.com reports. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. During the same period last year, the company earned $0.52 EPS. The company’s revenue was down 8.6% compared to the same quarter last year. Fortrea updated its FY 2024 guidance to EPS.

Fortrea Stock Up 3.3 %

FTRE traded up $0.67 during trading on Tuesday, hitting $20.71. 386,143 shares of the company’s stock were exchanged, compared to its average volume of 1,176,339. Fortrea has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The stock has a market cap of $1.85 billion and a P/E ratio of -14.94. The business’s 50 day moving average is $24.99 and its two-hundred day moving average is $31.30. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98.

Wall Street Analysts Forecast Growth

FTRE has been the topic of a number of research analyst reports. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Monday. The Goldman Sachs Group started coverage on shares of Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 target price for the company. Barclays decreased their price target on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research report on Thursday, May 23rd. Finally, Robert W. Baird decreased their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.60.

Insider Activity at Fortrea

In other Fortrea news, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the transaction, the chief executive officer now owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Thomas Pike bought 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was acquired at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the purchase, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel James S. Hanson purchased 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the acquisition, the general counsel now owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The disclosure for this purchase can be found here. 0.12% of the stock is owned by insiders.

Fortrea Company Profile

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.