Intel stock extends gains after report of possible U.S. government stake
Jill G. McConnell, the Chief Financial Officer of Fortrea Holdings Inc. (NASDAQ:FTRE), recently sold shares of the company’s stock, according to a filing with the Securities and Exchange Commission. On March 12, McConnell sold 643 shares at an average price of $9.98, totaling approximately $6,417. The transaction comes as Fortrea’s stock trades near its 52-week low of $9.55, having declined over 74% in the past year.
The transaction was part of a planned sale to cover tax obligations related to the vesting of restricted stock units (RSUs), as mandated by Fortrea’s equity incentive plans. This type of sale, known as a "sell to cover" transaction, is not discretionary and is required to satisfy tax withholding obligations. According to InvestingPro analysis, the stock appears slightly undervalued at current levels, with technical indicators suggesting oversold conditions.
Additionally, on March 11, McConnell acquired 2,028 shares of common stock through the settlement of performance-based RSUs, which was executed at no cost. Following these transactions, McConnell holds 36,720 shares of Fortrea common stock directly. InvestingPro subscribers have access to 12 additional key insights about Fortrea, including detailed analysis of insider transactions and comprehensive Fair Value assessments in the Pro Research Report.
In other recent news, Fortrea Holdings has reported a challenging fourth quarter, with earnings falling short of expectations. The company announced an EPS of $0.18, significantly below the analyst estimate of $0.42, and revenue of $697 million, which also missed the consensus forecast of $813 million. Fortrea’s full-year guidance for 2025 anticipates revenues between $2.45 billion and $2.55 billion, below the consensus estimate of $2.74 billion. Analysts from TD Cowen and Citi have revised their price targets for Fortrea, lowering them to $11 and $12, respectively, citing concerns over the company’s 2025 guidance and financial performance. Despite these setbacks, Fortrea is implementing cost-saving measures, targeting yearly net savings of $40-50 million, and anticipates mid-single-digit growth by 2026. The company has also appointed Erin L. Russell as a new director, aiming to leverage her extensive background in finance and healthcare. These developments reflect the company’s ongoing efforts to navigate a challenging market environment and improve its financial outlook.
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