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

EquipmentShare.com (NASDAQ:EQPT) had its price target reduced by Citigroup from $22.00 to $17.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts also recently issued reports about the stock. BNP Paribas Exane started coverage on shares of EquipmentShare.com in a report on Monday, June 29th. They issued a “neutral” rating and a $22.00 price objective on the stock. Truist Financial dropped their price objective on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. UBS Group cut their target price on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, August 20th. Wells Fargo & Company reduced their target price on shares of EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $42.00 target price on shares of EquipmentShare.com in a 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’s stock. According to MarketBeat.com, EquipmentShare.com presently has a consensus rating of “Hold” and a consensus target price of $33.78.

EquipmentShare.com Price Performance

EQPT stock opened at $13.71 on Monday. 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 $13.65 and a 1-year high of $35.50. The business’s 50 day simple moving average is $18.26 and its 200 day simple moving average is $19.75.

EquipmentShare.com (NASDAQ:EQPT) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.28. The business had revenue of $1.45 billion during the quarter. As a group, analysts expect that EquipmentShare.com will post 0.45 EPS for the current fiscal year.

EquipmentShare.com announced that its board has authorized a stock buyback program on Friday, July 10th that permits the company to repurchase $500.00 million in shares. This buyback authorization permits the company to reacquire up to 12.4% of its stock through open market purchases. Share buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, major shareholder Neil Chheda sold 1,285,402 shares of the business’s stock in a transaction on 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 in the company, valued at $834,629,306.56. The trade was a 3.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William Schlacks purchased 2,000 shares of EquipmentShare.com stock in a transaction that occurred on Friday, August 21st. The stock was purchased at an average price of $18.64 per share, with a total value of $37,280.00. Following the completion of the purchase, the insider directly owned 60,950 shares in the company, valued at $1,136,108. This trade represents a 3.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EquipmentShare.com

Hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System acquired a new position in shares of EquipmentShare.com in the second quarter valued at about $205,000. Chico Wealth RIA bought a new position in EquipmentShare.com during the second quarter worth about $322,000. Bank of New York Mellon Corp bought a new position in EquipmentShare.com during the second quarter worth about $326,000. BigSur Wealth Management LLC bought a new position in EquipmentShare.com during the third quarter worth about $434,000. Finally, Engineers Gate Manager LP acquired a new stake in EquipmentShare.com in the 2nd quarter worth about $679,000.

EquipmentShare.com Company Profile

EquipmentShare is a technology-enabled equipment rental and services company serving the construction and industrial sectors. The company provides access to a broad range of heavy equipment, including earthmoving, aerial, material-handling and general construction machinery, along with related parts, maintenance and support services.

Its technology platform, known as T3, is designed to help contractors and equipment owners monitor fleets, track equipment location and utilization, manage maintenance, and coordinate assets, teams and projects.