Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Mark A. Morais, the Chief Operating Officer of Fortrea Holdings Inc. (NASDAQ:FTRE), a clinical research organization with a market capitalization of approximately $895 million, recently sold shares of the company’s common stock valued at $4,980. The sale occurred on March 12, 2025, with shares sold at an average price of $9.98, near the stock’s 52-week low of $9.55. According to InvestingPro analysis, the stock appears undervalued at current levels. This transaction was part of a "sell to cover" arrangement to meet tax withholding obligations related to the vesting of performance share awards.
Additionally, on March 11, 2025, Morais acquired 1,573 shares of common stock through the settlement of performance share awards, which were converted into restricted stock units following Fortrea’s spin-off from Laboratory Corporation of America (NYSE:LH) Holdings. After these transactions, Morais holds 35,074 shares of Fortrea common stock.
In other recent news, Fortrea Holdings reported a significant miss in its fourth-quarter earnings, posting an EPS of $0.18, which fell short of the expected $0.42. The company’s revenue for the quarter was $697 million, below the consensus estimate of $813 million, marking a decline from the previous year’s $709.7 million. Fortrea’s full-year guidance for 2025 also came in lower than anticipated, with projected revenues of $2.45-2.55 billion compared to the consensus estimate of $2.74 billion. Analyst firms TD Cowen and Citi both revised their outlooks for Fortrea, lowering the stock’s price target to $11 and $12, respectively, while maintaining a Hold and Neutral rating. These adjustments were influenced by Fortrea’s recent earnings call, which highlighted challenges such as poor economics on pre-spin bookings and a product mix heavily weighted towards oncology. Despite these hurdles, Fortrea is implementing cost-saving measures, targeting $40-50 million in annual net savings. The company also announced the appointment of Erin L. Russell as a new director, adding her extensive finance and healthcare experience to Fortrea’s board.
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