EquipmentShare.com (NASDAQ:EQPT) Board Initiates Share Buyback Plan

EquipmentShare.com (NASDAQ:EQPT) declared that its board has initiated a stock buyback plan on Friday, July 10th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 12.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

EquipmentShare.com Stock Performance

NASDAQ EQPT traded up $2.65 during trading hours on Friday, reaching $18.65. The stock had a trading volume of 7,209,465 shares, compared to its average volume of 2,445,108. EquipmentShare.com has a 52-week low of $15.95 and a 52-week high of $35.50. The company’s fifty day moving average is $21.15. The company has a current ratio of 2.47, a quick ratio of 1.90 and a debt-to-equity ratio of 2.71. The stock has a market cap of $4.71 billion and a PE ratio of 143.46.

EquipmentShare.com (NASDAQ:EQPT) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.15. The business had revenue of $989.00 million for the quarter. The firm’s revenue was up 38.1% compared to the same quarter last year. On average, equities research analysts forecast that EquipmentShare.com will post 0.46 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of EquipmentShare.com from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Wells Fargo & Company cut their price target on shares of EquipmentShare.com from $35.00 to $32.00 and set an “overweight” rating on the stock in a research note on Monday, April 13th. Weiss Ratings cut shares of EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Citigroup lowered their price objective on shares of EquipmentShare.com from $26.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $42.00 target price on shares of EquipmentShare.com in a research report on Monday, June 22nd. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.22.

Insider Activity at EquipmentShare.com

In other news, Director W Bryan Hill acquired 21,803 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price of $22.89 per share, for a total transaction of $499,070.67. Following the completion of the transaction, the director owned 35,794 shares in the company, valued at approximately $819,324.66. The trade was a 155.84% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Naveen Bhatia bought 10,000 shares of the stock in a transaction dated Friday, May 15th. The shares were purchased at an average cost of $24.22 per share, for a total transaction of $242,200.00. Following the completion of the purchase, the director owned 312,000 shares in the company, valued at approximately $7,556,640. This represents a 3.31% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 81,803 shares of company stock worth $1,797,271.

EquipmentShare.com Company Profile

EquipmentShare.com Inc provides integrated, full-service construction solutions across equipment rental, sales and technology. EquipmentShare.com Inc is based in Columbia, Missouri.