EquipmentShare.com (NASDAQ:EQPT) Stock Gets Price Target Reduction from Citigroup

by · The Markets Daily

EquipmentShare.com (NASDAQ:EQPT – Get Free Report) had its price target dropped by equities research analysts at Citigroup from $17.00 to $16.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 3.05% from the stock’s previous close.

Several other equities analysts have also commented on EQPT. Weiss Ratings lowered EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Citizens Jmp reaffirmed a “market outperform” rating and set a $42.00 price target on shares of EquipmentShare.com in a report on Monday, June 22nd. BNP Paribas Exane assumed coverage on EquipmentShare.com in a research report on Monday, June 29th. They set a “neutral” rating and a $22.00 price objective for the company. Wells Fargo & Company dropped their price objective on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Truist Financial cut their target price on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $30.67.

Get Our Latest Stock Analysis on EQPT

EquipmentShare.com Stock Up 11.3%

Shares of EquipmentShare.com stock traded up $1.58 on Tuesday, reaching $15.53. 2,374,589 shares of the company were exchanged, compared to its average volume of 2,502,008. The stock’s 50 day moving average price is $17.89 and its 200-day moving average price is $19.63. The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91. EquipmentShare.com has a 1-year low of $13.00 and a 1-year high of $35.50. The company has a market cap of $3.93 billion and a P/E ratio of 50.08.

EquipmentShare.com (NASDAQ:EQPT – Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.28. The firm had revenue of $1.45 billion during the quarter. As a group, equities analysts forecast that EquipmentShare.com will post 0.45 EPS for the current year.

EquipmentShare.com declared that its Board of Directors has initiated a stock repurchase program on Friday, July 10th that permits the company to buy back $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 12.4% of its shares through open market purchases. Share buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Neil Chheda sold 1,285,402 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $20.62, for a total value of $26,504,989.24. Following the completion of the sale, the insider directly owned 40,476,688 shares of the company’s stock, valued at $834,629,306.56. This represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William J. Schlacks purchased 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $78,240.00. Following the purchase, the insider directly owned 58,950 shares in the company, valued at $1,153,062. The trade was a 7.28% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 85,950 shares of company stock valued at $1,537,422 and have sold 2,201,032 shares valued at $45,393,501. Corporate insiders own 32.81% of the company’s stock.

Institutional Investors Weigh In On EquipmentShare.com

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in shares of EquipmentShare.com in the second quarter valued at approximately $168,226,000. Waverly Advisors LLC purchased a new position in shares of EquipmentShare.com during the second quarter worth approximately $2,387,000. Engineers Gate Manager LP acquired a new position in shares of EquipmentShare.com in the 2nd quarter valued at $679,000. BigSur Wealth Management LLC acquired a new position in shares of EquipmentShare.com in the 3rd quarter valued at $434,000. Finally, Bank of New York Mellon Corp purchased a new position in EquipmentShare.com during the 2nd quarter worth $326,000.

EquipmentShare.com Company Profile

(Get Free Report)

EquipmentShare is a construction equipment rental and technology company that combines equipment, digital tools and services for contractors and other businesses. Its operations include the rental of construction equipment, equipment sales, maintenance and repair, transportation, and related support services.

The company’s technology platform, including its T3 telematics and fleet-management tools, is designed to help customers monitor equipment location, utilization, maintenance needs and operating conditions.

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