Fortrea (NASDAQ:FTRE) Shares Gap Up – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price gapped up before the market opened 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.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Jefferies Financial Group increased their target price on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a report on Tuesday, September 9th. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, August 4th. Evercore ISI increased their target price on Fortrea from $7.00 to $11.00 and gave the stock an “in-line” rating in a report on Wednesday, October 8th. Barclays increased their target price on Fortrea from $6.00 to $8.00 and gave the stock an “underweight” rating in a report on Thursday, October 2nd. Finally, Citigroup reiterated a “neutral” rating on shares of Fortrea in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fortrea currently has an average rating of “Hold” and an average price target of $12.39.

Fortrea Trading Up 19.9%

The firm has a fifty day moving average of $9.95 and a two-hundred day moving average of $7.20. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The company has a market cap of $1.06 billion, a PE ratio of -1.02, a price-to-earnings-growth ratio of 0.44 and a beta of 1.86.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. Fortrea has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insiders Place Their Bets

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of the business’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value 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. The trade was a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Erin L. Russell bought 9,854 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was bought at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the acquisition, the director directly owned 9,854 shares of the company’s stock, valued at approximately $100,018.10. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. Insiders own 0.38% of the company’s stock.

Institutional Trading of Fortrea

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in Fortrea by 736.6% during the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock valued at $59,000 after acquiring an additional 6,909 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Fortrea by 56.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock valued at $122,000 after acquiring an additional 6,270 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Fortrea during the first quarter valued at $575,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Fortrea during the first quarter valued at $119,000. Finally, AQR Capital Management LLC increased its position in Fortrea by 181.9% during the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock valued at $8,269,000 after acquiring an additional 706,779 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.