EquipmentShare.com (NASDAQ:EQPT) to Buyback $500.00 million in Shares

EquipmentShare.com (NASDAQ:EQPT) declared that its board has authorized a share buyback plan on Thursday, July 9th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 12.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

EquipmentShare.com Stock Performance

Shares of EquipmentShare.com stock traded up $2.65 during trading hours on Friday, hitting $18.65. The company’s stock had a trading volume of 7,209,465 shares, compared to its average volume of 2,445,108. The stock has a 50 day moving average price of $21.15. EquipmentShare.com has a 12-month low of $15.95 and a 12-month high of $35.50. The firm has a market cap of $4.71 billion and a P/E ratio of 143.46. The company has a current ratio of 2.47, a quick ratio of 1.90 and a debt-to-equity ratio of 2.71.

EquipmentShare.com (NASDAQ:EQPT) last released its earnings results on Wednesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.15. The business had revenue of $989.00 million for the quarter. EquipmentShare.com’s revenue was up 38.1% on a year-over-year basis. As a group, research analysts anticipate that EquipmentShare.com will post 0.46 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on EQPT shares. Robert W. Baird cut their price objective on EquipmentShare.com from $63.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Wells Fargo & Company lowered their price target on shares of EquipmentShare.com from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Monday, April 13th. Wall Street Zen raised shares of EquipmentShare.com from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. BNP Paribas Exane started coverage on shares of EquipmentShare.com in a research note on Monday, June 29th. They issued a “neutral” rating and a $22.00 price objective for the company. Finally, Truist Financial reduced their price objective on shares of EquipmentShare.com from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, July 2nd. Six equities research 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. According to data from MarketBeat.com, EquipmentShare.com has an average rating of “Hold” and a consensus price target of $37.22.

Insider Buying and Selling

In other EquipmentShare.com news, Director Naveen Bhatia purchased 10,000 shares of the company’s stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $24.22 per share, for a total transaction of $242,200.00. Following the purchase, the director directly owned 312,000 shares of the company’s stock, valued at $7,556,640. This trade represents a 3.31% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director W Bryan Hill acquired 21,803 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $22.89 per share, with a total value of $499,070.67. Following the completion of the acquisition, the director owned 35,794 shares in the company, valued at approximately $819,324.66. This represents a 155.84% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 81,803 shares of company stock valued at $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.