• Cowen & Co. maintained its "Hold" rating for Fortrea Holdings Inc. (NASDAQ:FTRE), with the stock priced at $17.01.
• Fortrea reported earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.27.
• The company's adjusted EBITDA was $64.2 million, indicating operational profitability despite a GAAP net loss of $18.5 million.

On November 11, 2024, Cowen & Co. maintained its "Hold" rating for Fortrea Holdings Inc. (NASDAQ:FTRE), with the stock priced at $17.01. Fortrea is a global contract research organization, providing services to the pharmaceutical, biotechnology, and medical device industries. It competes with other major players in the sector, such as ICON plc and IQVIA Holdings Inc.

Fortrea recently held its Q3 2024 earnings call on November 8, 2024, featuring key executives like CEO Tom Pike and CFO Jill McConnell. Analysts from major financial institutions attended, highlighting the importance of the event. The company reported earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.27. This was a slight decline from $0.24 per share in the same quarter last year.

For the third quarter of 2024, Fortrea reported revenues of $674.9 million. Despite this, the company faced a GAAP net loss of $18.5 million. However, its adjusted EBITDA was $64.2 million, indicating operational profitability. The GAAP net loss per diluted share was $0.21, while the adjusted net income per diluted share was $0.23. The book-to-bill ratio was 1.23x for the quarter.

FTRE's stock is currently priced at $24.41, showing a 3.86% increase. The stock rose by $0.91 today, with a trading range between $23.72 and $25.28. Over the past year, FTRE's stock has fluctuated between a high of $41.02 and a low of $16.53. The company's market capitalization is approximately $2.19 billion, with a trading volume of 551,329 shares on the NASDAQ today.