Scotiabank Raises RB Global (NYSE:RBA) Price Target to $89.00

RB Global (NYSE:RBA) (TSE:RBA) had its target price boosted by research analysts at Scotiabank from $88.00 to $89.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sector outperform” rating on the business services provider’s stock. Scotiabank’s price target indicates a potential upside of 21.87% from the stock’s current price.

A number of other equities analysts have also commented on RBA. Royal Bank of Canada raised their price target on shares of RB Global from $75.00 to $93.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. StockNews.com raised shares of RB Global from a “sell” rating to a “hold” rating in a research report on Friday, February 9th. Finally, Raymond James raised their price target on shares of RB Global from $78.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $83.00.

RB Global Stock Performance

Shares of RBA traded down $0.21 during trading hours on Wednesday, hitting $73.03. The company had a trading volume of 268,022 shares, compared to its average volume of 809,801. The firm has a market cap of $13.35 billion, a price-to-earnings ratio of 85.93, a PEG ratio of 5.48 and a beta of 0.87. The business has a fifty day moving average of $74.20 and a 200-day moving average of $67.95. RB Global has a 12 month low of $51.07 and a 12 month high of $77.99. The company has a quick ratio of 1.23, a current ratio of 1.35 and a debt-to-equity ratio of 0.61.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Friday, February 23rd. The business services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.14. RB Global had a net margin of 5.61% and a return on equity of 4.19%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm earned $0.40 earnings per share. The company’s revenue was up 134.5% on a year-over-year basis. Equities analysts anticipate that RB Global will post 1.9 EPS for the current fiscal year.

Insider Buying and Selling at RB Global

In other RB Global news, insider Darren Jeffrey Watt sold 1,100 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $77.05, for a total value of $84,755.00. Following the transaction, the insider now directly owns 21,103 shares of the company’s stock, valued at approximately $1,625,986.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CRO James J. Jeter sold 11,416 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $76.32, for a total value of $871,269.12. Following the sale, the executive now directly owns 30,915 shares in the company, valued at approximately $2,359,432.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Darren Jeffrey Watt sold 1,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $77.05, for a total transaction of $84,755.00. Following the completion of the sale, the insider now owns 21,103 shares in the company, valued at $1,625,986.15. The disclosure for this sale can be found here. Insiders have sold a total of 14,816 shares of company stock valued at $1,133,055 in the last ninety days. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RB Global

Hedge funds have recently made changes to their positions in the stock. Oakworth Capital Inc. increased its stake in shares of RB Global by 53.3% in the 4th quarter. Oakworth Capital Inc. now owns 466 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 162 shares in the last quarter. Signaturefd LLC increased its stake in shares of RB Global by 11.0% in the 4th quarter. Signaturefd LLC now owns 1,917 shares of the business services provider’s stock valued at $128,000 after acquiring an additional 190 shares in the last quarter. Claret Asset Management Corp increased its stake in shares of RB Global by 1.7% in the 3rd quarter. Claret Asset Management Corp now owns 14,217 shares of the business services provider’s stock valued at $889,000 after acquiring an additional 238 shares in the last quarter. Atria Wealth Solutions Inc. increased its stake in shares of RB Global by 4.9% in the 4th quarter. Atria Wealth Solutions Inc. now owns 5,386 shares of the business services provider’s stock valued at $360,000 after acquiring an additional 250 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of RB Global by 0.3% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 103,115 shares of the business services provider’s stock valued at $6,445,000 after acquiring an additional 280 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.