Mark Morais, Chief Operating Officer of Fortrea Holdings Inc., has sold $88,985 in company stock, according to a recent Form 4 filing with the Securities and Exchange Commission. The transaction occurred on August 19, 2026, after the vesting of restricted stock units (RSUs) that were converted from grants by Laboratory Corporation of America Holdings as part of Fortrea's spin-off. Following the sale, Mr. Morais directly holds 77,786 shares of Fortrea common stock and indirectly holds 4,625 shares through a spouse.
The sale of company stock by Mr. Morais comes after Fortrea reported its second-quarter 2026 earnings, which fell short of Wall Street's expectations. The company posted adjusted earnings of $0.23 per share and revenue of $678.2 million, below the anticipated $0.59 per share and $877.05 million in revenue. Despite this, Fortrea raised its full-year guidance, demonstrating stronger cash generation and tighter cost control.
Recent Developments
Fortrea has made progress in its turnaround efforts, successfully retiring about 35% of its original spin debt and maintaining over $500 million in liquidity. Evercore ISI has raised its price target for Fortrea shares to $25 from $20, maintaining an Outperform rating, citing the company's healthy bookings and continued balance sheet improvements.
