Fortrea (NASDAQ:FTRE) Posts Earnings Results, Misses Estimates By $0.10 EPS

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

Fortrea Trading Up 0.8 %

Fortrea stock traded up $0.17 during trading hours on Wednesday, reaching $22.39. The stock had a trading volume of 64,936 shares, compared to its average volume of 1,190,064. The company has a fifty day simple moving average of $24.94 and a 200-day simple moving average of $31.24. Fortrea has a 52 week low of $18.07 and a 52 week high of $41.02. The stock has a market cap of $2.00 billion and a PE ratio of -15.99. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47.

Insider Activity

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FTRE. Barclays lowered their price target on Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Tuesday. TD Cowen dropped their target price on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a research note on Thursday, May 23rd. Finally, Mizuho initiated coverage on shares of Fortrea in a report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and an average target price of $27.70.

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.