Royal Bank Of Canada Issues Positive Forecast for RB Global (NYSE:RBA) Stock Price

RB Global (NYSE:RBA) (TSE:RBA) had its price target boosted by equities research analysts at Royal Bank Of Canada from $150.00 to $152.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the business services provider’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 57.02% from the stock’s previous close.

Several other analysts also recently commented on RBA. Stephens reiterated an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. Barclays dropped their price objective on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. National Bank Financial upped their target price on shares of RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, July 13th. BMO Capital Markets reiterated an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Finally, Weiss Ratings raised RB Global from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $127.86.

RB Global Stock Down 12.8%

Shares of RBA traded down $14.26 during midday trading on Wednesday, hitting $96.80. The company had a trading volume of 4,277,522 shares, compared to its average volume of 1,283,595. RB Global has a 1 year low of $93.58 and a 1 year high of $119.58. The firm has a market capitalization of $17.92 billion, a P/E ratio of 44.83, a P/E/G ratio of 2.30 and a beta of 0.56. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. The company’s 50-day simple moving average is $110.08 and its 200-day simple moving average is $106.56.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.21 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%. As a group, sell-side analysts expect that RB Global will post 4.16 EPS for the current year.

Insider Buying and Selling

In other news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the transaction, the director owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RBA. MV Capital Management Inc. acquired a new position in RB Global during the 4th quarter worth approximately $29,000. Bayban acquired a new stake in shares of RB Global in the 4th quarter valued at approximately $34,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of RB Global in the first quarter valued at approximately $43,000. State of Wyoming purchased a new stake in shares of RB Global in the second quarter valued at approximately $46,000. Finally, Nemes Rush Group LLC acquired a new position in RB Global during the fourth quarter worth $54,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

About RB Global

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.