Anshul Thakral Sells 99,869 Shares of Fortrea (NASDAQ:FTRE) Stock

Fortrea Holdings Inc. (NASDAQ:FTRE) CEO Anshul Thakral sold 99,869 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the sale, the chief executive officer directly owned 316,797 shares of the company’s stock, valued at $6,069,830.52. The trade was a 23.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Fortrea Price Performance

FTRE traded down $1.36 on Thursday, reaching $17.69. 1,253,421 shares of the company’s stock were exchanged, compared to its average volume of 1,538,832. The stock has a market cap of $1.68 billion, a PE ratio of -19.44, a P/E/G ratio of 0.43 and a beta of 1.99. Fortrea Holdings Inc. has a twelve month low of $6.07 and a twelve month high of $21.39. The stock’s fifty day moving average price is $17.37 and its 200-day moving average price is $13.85. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.96 and a quick ratio of 0.96.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. The company had revenue of $678.20 million during the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.85 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FTRE shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a report on Friday, July 17th. Zacks Research lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Wall Street Zen upgraded shares of Fortrea from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. TD Cowen upped their price objective on Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Citigroup increased their price objective on Fortrea from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.75.

Institutional Trading of Fortrea

A number of institutional investors and hedge funds have recently bought and sold shares of FTRE. Assenagon Asset Management S.A. boosted its position in Fortrea by 90.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 173,129 shares of the company’s stock valued at $3,012,000 after buying an additional 82,349 shares during the period. Essential Partners LLC raised its stake in shares of Fortrea by 140.2% in the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock valued at $91,000 after acquiring an additional 5,647 shares in the last quarter. Amundi boosted its holdings in Fortrea by 20.2% in the first quarter. Amundi now owns 12,490 shares of the company’s stock valued at $118,000 after purchasing an additional 2,101 shares during the period. EverSource Wealth Advisors LLC grew its stake in Fortrea by 9.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock worth $103,000 after purchasing an additional 953 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in Fortrea by 51.3% during the 1st quarter. California State Teachers Retirement System now owns 132,369 shares of the company’s stock worth $1,247,000 after purchasing an additional 44,882 shares during the period.

Fortrea Company Profile

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.