EquipmentShare.com (NASDAQ:EQPT) Shares Gap Down – Should You Sell?

EquipmentShare.com Inc (NASDAQ:EQPT)’s share price gapped down before the market opened on Tuesday. The stock had previously closed at $16.21, but opened at $14.99. EquipmentShare.com shares last traded at $12.7320, with a volume of 990,234 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on EQPT shares. Wells Fargo & Company lowered their price objective on EquipmentShare.com from $25.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, October 26th. Truist Financial reduced their target price on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Citigroup lowered their price objective on EquipmentShare.com from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, October 20th. Weiss Ratings downgraded EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Finally, UBS Group dropped their target price on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, August 20th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.00.

EquipmentShare.com Stock Down 22.8%

The company has a current ratio of 2.42, a quick ratio of 1.91 and a debt-to-equity ratio of 3.16. The stock has a market capitalization of $3.17 billion and a PE ratio of 40.96. The stock’s fifty day simple moving average is $16.95 and its 200-day simple moving average is $21.01.

EquipmentShare.com (NASDAQ:EQPT) last posted its quarterly earnings results on Monday, November 9th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.14. The company had revenue of $1.47 billion during the quarter. As a group, sell-side analysts forecast that EquipmentShare.com Inc will post 0.45 EPS for the current fiscal year.

EquipmentShare.com declared that its board has approved a stock buyback program on Wednesday, July 22nd that allows the company to repurchase $500 million in shares. This buyback authorization allows the company to reacquire up to 11.3% of its shares through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Jabbok Schlacks acquired 22,900 shares of the stock in a transaction dated Tuesday, September 15th. The shares were purchased at an average price of $17.76 per share, for a total transaction of $406,704.00. Following the transaction, the chief executive officer owned 125,000 shares in the company, valued at $2,220,000. This represents a 22.43% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Neil Chheda sold 1,285,402 shares of EquipmentShare.com stock in a transaction dated 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 sale, the insider directly owned 40,476,688 shares of the company’s stock, valued at approximately $834,629,306.56. This trade represents a 3.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders purchased 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. Corporate insiders own 32.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EQPT. Wellington Management Group LLP acquired a new stake in EquipmentShare.com during the second quarter worth about $168,226,000. Waverly Advisors LLC acquired a new stake in shares of EquipmentShare.com during the 2nd quarter valued at $2,387,000. Engineers Gate Manager LP bought a new stake in shares of EquipmentShare.com during the second quarter worth about $679,000. Optas LLC bought a new stake in EquipmentShare.com during the 3rd quarter worth approximately $402,000. Finally, Fulcrum Asset Management LLP acquired a new stake in EquipmentShare.com in the third quarter valued at $247,000.

EquipmentShare.com Company Profile

EquipmentShare.com is a construction equipment rental and technology company serving contractors and other customers in the United States. Its offerings include heavy equipment, tools, aerial equipment and other machinery, along with equipment sales, parts and maintenance services.

The company also provides T3, a technology platform designed to help customers manage equipment, track assets and coordinate construction operations. By combining rentals with fleet and jobsite management tools, EquipmentShare aims to support customers’ equipment needs both on and off the jobsite.

EquipmentShare was founded in 2015 by brothers Willy and Jabbok Schlacks and is headquartered in Columbia, Missouri.