Intel stock extends gains after report of possible U.S. government stake
Jill G. McConnell, Chief Financial Officer of Fortrea Holdings Inc. (NASDAQ:FTRE), recently executed a transaction involving the sale of company stock. According to a recent SEC filing, McConnell sold 3,130 shares of Fortrea common stock on June 3, 2025, at a weighted average price of $4.17 per share, totaling approximately $13,052. The transaction comes as Fortrea’s stock trades at $5.25, showing recent signs of recovery with a 10.7% gain over the past week, though still down 80% from its 52-week high of $28.41.
The sale was conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs). These transactions were part of a "sell to cover" arrangement mandated by Fortrea’s equity incentive plans, rather than discretionary trades by McConnell.
In addition to the sale, McConnell acquired 11,007 shares of Fortrea common stock on June 2, 2025, through the settlement of RSUs. This acquisition was executed at no cost, as part of the scheduled vesting of RSUs originally granted by Laboratory Corporation of America (NYSE:LH) Holdings and converted into Fortrea RSUs following the company’s spin-off.
Following these transactions, McConnell holds a total of 48,344 shares of Fortrea common stock, representing a stake in the company that currently has a market capitalization of $419.2 million. For deeper insights into Fortrea’s valuation and growth prospects, including 12 additional ProTips, visit InvestingPro.
In other recent news, Fortrea Holdings reported its first-quarter 2025 earnings, which significantly missed analysts’ expectations. The company posted an earnings per share (EPS) of $0.02, falling short of the projected $0.41, and revenue reached $651.3 million, below the expected $821 million. This earnings miss has raised concerns among investors, leading to a 12.27% drop in Fortrea’s stock price in pre-market trading. Despite these challenges, Fortrea reaffirmed its 2025 revenue guidance of $2.45 to $2.55 billion and adjusted EBITDA guidance of $170 to $200 million. Mizuho (NYSE:MFG) adjusted its financial outlook for Fortrea, lowering the company’s price target from $10.00 to $8.00 while maintaining a Neutral rating. The downgrade was influenced by weaker-than-expected booking trends and a challenging macroeconomic environment. Additionally, Fortrea announced a leadership transition, with CEO Thomas Pike stepping down and Peter Neupert stepping in as the interim CEO and Board Chair. Mizuho’s analyst noted the potential challenges Fortrea may face, including a difficult funding landscape and the transition in executive leadership.
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