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

EquipmentShare.com (NASDAQ:EQPT) had its price objective reduced by Citigroup from $17.00 to $16.00 in a research note released on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

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

EquipmentShare.com Price Performance

EquipmentShare.com stock opened at $16.33 on Tuesday. The company’s 50 day simple moving average is $17.63 and its 200-day simple moving average is $19.54. EquipmentShare.com has a 1 year low of $13.00 and a 1 year high of $35.50. 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 (NASDAQ:EQPT) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.28. The company had revenue of $1.45 billion during the quarter. Equities research analysts forecast that EquipmentShare.com will post 0.45 EPS for the current year.

EquipmentShare.com declared that its Board of Directors has authorized a share repurchase plan on Friday, July 10th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 12.4% of its shares through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other EquipmentShare.com news, major shareholder Neil Chheda sold 1,285,402 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $20.62, for a total value of $26,504,989.24. Following the completion of the transaction, the insider owned 40,476,688 shares of the company’s stock, valued at $834,629,306.56. This trade represents a 3.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jabbok Schlacks purchased 22,900 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average price of $17.76 per share, with a total value of $406,704.00. Following the purchase, the chief executive officer owned 125,000 shares of the company’s stock, valued at approximately $2,220,000. This represents a 22.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 85,950 shares of company stock valued at $1,537,422 and have sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is owned by insiders.

Institutional Trading of EquipmentShare.com

Several hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new position in EquipmentShare.com in the third quarter valued at $157,000. Arizona State Retirement System purchased a new stake in EquipmentShare.com during the 2nd quarter worth about $205,000. Chico Wealth RIA purchased a new stake in EquipmentShare.com during the 2nd quarter worth about $322,000. Bank of New York Mellon Corp purchased a new stake in EquipmentShare.com during the 2nd quarter worth about $326,000. Finally, BigSur Wealth Management LLC acquired a new stake in EquipmentShare.com in the 3rd quarter valued at about $434,000.

EquipmentShare.com Company Profile

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.