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Thomas Pike, Chief Govt Officer of Fortrea Holdings Inc. (NASDAQ:FTRE), has bought a portion of his holdings within the firm. In accordance with a latest SEC submitting, Pike bought 11,268 shares of frequent inventory on January 13, 2025, at a median value of $18.04 per share, leading to a complete transaction worth of roughly $203,274. The transaction comes as Fortrea’s inventory, at present buying and selling at $17.64, has declined 8.65% over the previous week. InvestingPro evaluation suggests the inventory is at present undervalued, with further insights accessible of their complete Professional Analysis Report.
The sale was performed to cowl tax withholding obligations associated to the vesting of Restricted Inventory Items (RSUs), as mandated by Fortrea’s fairness incentive plans. This transaction was not a discretionary commerce by Pike however slightly a “promote to cowl” association required by the issuer.
Moreover, on January 10, 2025, Pike acquired 40,220 shares of frequent inventory by way of the vesting of RSUs, which have been transformed from RSUs initially granted by Laboratory Company of America (NYSE:LH) Holdings (Labcorp) following Fortrea’s spin-off. These RSUs have been settled into frequent inventory for free of charge to Pike. Following these transactions, Pike holds 159,868 shares of Fortrea frequent inventory.
In different latest information, Fortrea has skilled combined fortunes. The corporate’s third-quarter earnings report revealed a 5.4% lower in year-over-year income to $674.9 million, but additionally a powerful book-to-bill ratio of 1.23 and a 6.2% development in backlog to $7.6 billion. Analysts from Baird and TD Cowen have responded to those developments with diversified changes to their rankings and value targets. Baird downgraded Fortrea from Outperform to Impartial, citing considerations such because the cancellation of two conferences and a non-deal roadshow. Alternatively, TD Cowen maintained a Maintain ranking however elevated the inventory’s value goal to $25, reflecting a optimistic outlook on the corporate’s future enterprise alternatives.
These latest developments have occurred amidst hypothesis about Fortrea’s potential as a merger and acquisition goal. Nonetheless, each Baird and Citi have adopted a cautious stance, with Citi downgrading the corporate from Purchase to Impartial and lowering the worth goal to $23. Regardless of the present challenges, analysts undertaking that Fortrea will obtain profitability this 12 months. The corporate at present generates $2.98 billion in annual income and is anticipated to take care of a book-to-bill ratio of 1.2 within the second half of 2024.
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