RB Global (NYSE:RBA) Stock Price Down 5.6% – Here’s Why

by · The Markets Daily

RB Global, Inc. (NYSE:RBA – Get Free Report) (TSE:RBA)’s stock price dropped 5.6% during mid-day trading on Monday. The company traded as low as $80.64 and last traded at $79.6020. Approximately 236,507 shares were traded during trading, a decline of 84% from the average daily volume of 1,455,745 shares. The stock had previously closed at $84.30.

Analysts Set New Price Targets

Several research analysts have issued reports on RBA shares. National Bank Financial increased their price objective on RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. Royal Bank Of Canada reissued an “outperform” rating and set a $152.00 price objective on shares of RB Global in a research note on Wednesday, September 23rd. Weiss Ratings cut RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 18th. Zacks Research lowered RB Global from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of RB Global in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $126.29.

Read Our Latest Research Report on RBA

RB Global Trading Up 1.4%

The firm has a market capitalization of $14.67 billion, a PE ratio of 34.72, a price-to-earnings-growth ratio of 1.36 and a beta of 0.53. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22. The company has a fifty day moving average of $83.88 and a 200-day moving average of $98.49.

RB Global (NYSE:RBA – Get Free Report) (TSE:RBA) last posted its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. On average, sell-side analysts anticipate that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RB Global news, Director Chloe Harford purchased 1,200 shares of the business’s stock in a transaction on Monday, August 24th. The stock was purchased at an average price of $83.74 per share, for a total transaction of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares in the company, valued at approximately $100,488. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Deborah Stein bought 500 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were bought at an average price of $80.91 per share, with a total value of $40,455.00. Following the transaction, the director directly owned 2,325 shares in the company, valued at $188,115.75. This trade represents a 27.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On RB Global

A number of hedge funds have recently added to or reduced their stakes in the stock. Addison Advisors LLC bought a new position in RB Global during the second quarter worth about $26,000. J.Safra Asset Management Corp purchased a new position in shares of RB Global in the second quarter worth about $32,000. Integrated Wealth Concepts LLC purchased a new position in shares of RB Global in the second quarter worth about $35,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of RB Global in the first quarter valued at approximately $43,000. Finally, Axiom Investment Management LLC bought a new stake in shares of RB Global in the first quarter valued at approximately $76,000. Institutional investors own 95.37% of the company’s stock.

About RB Global

(Get Free Report)

RB Global, Inc is a global marketplace and provider of asset management and disposition services for commercial and industrial equipment, vehicles and other durable assets. The company connects buyers and sellers through live and online auctions, negotiated sales and digital marketplaces, serving industries such as construction, transportation, agriculture, energy, government and automotive.

Its portfolio includes Ritchie Bros., a major auction and marketplace brand for heavy equipment; IAA, which specializes in salvage and repairable vehicle auctions; and Mascus, an online marketplace for used equipment.

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