EquipmentShare.com (NASDAQ:EQPT) Shares Break Above 50 Day Moving Average Following Analyst Downgrade

EquipmentShare.com Inc (NASDAQ:EQPT)’s share price passed above its 50 day moving average during trading on Tuesday after Weiss Ratings upgraded the stock from a sell (d) rating to a sell (d+) rating. The stock has a 50 day moving average of $17.40 and traded as high as $18.43. EquipmentShare.com shares last traded at $17.71, with a volume of 3,705,754 shares.

EQPT has been the topic of several other reports. Truist Financial decreased their target price on shares of EquipmentShare.com from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 2nd. Citizens Jmp reissued a “market outperform” rating and set a $42.00 price target on shares of EquipmentShare.com in a research report on Monday, June 22nd. BNP Paribas Exane began coverage on shares of EquipmentShare.com in a research report on Monday, June 29th. They set a “neutral” rating and a $22.00 price target for the company. Wells Fargo & Company cut their price target on shares of EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Citigroup boosted their price objective on shares of EquipmentShare.com from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, August 17th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, EquipmentShare.com has an average rating of “Hold” and an average target price of $30.00.

Insider Buying and Selling at EquipmentShare.com

In other EquipmentShare.com news, insider William Schlacks acquired 4,000 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was acquired at an average price of $19.56 per share, for a total transaction of $78,240.00. Following the acquisition, the insider owned 58,950 shares in the company, valued at $1,153,062. This represents a 7.28% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jabbok Schlacks bought 22,900 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was purchased at an average cost of $17.76 per share, with a total value of $406,704.00. Following the completion of the acquisition, the chief executive officer directly owned 125,000 shares of the company’s stock, valued at approximately $2,220,000. The trade was a 22.43% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders acquired 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 corporate insiders.

Hedge Funds Weigh In On EquipmentShare.com

Hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue purchased a new position in EquipmentShare.com in the 3rd quarter worth approximately $157,000. Arizona State Retirement System purchased a new stake in EquipmentShare.com during the 2nd quarter valued at $205,000. Chico Wealth RIA purchased a new stake in EquipmentShare.com during the 2nd quarter valued at $322,000. Bank of New York Mellon Corp purchased a new stake in EquipmentShare.com during the 2nd quarter valued at $326,000. Finally, BigSur Wealth Management LLC bought a new stake in shares of EquipmentShare.com in the 3rd quarter worth $434,000.

EquipmentShare.com Stock Up 8.9%

The stock has a fifty day simple moving average of $17.40 and a 200 day simple moving average of $21.25.

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, topping the consensus estimate of ($0.10) by $0.28. The business had revenue of $1.45 billion during the quarter. On average, sell-side analysts expect that EquipmentShare.com Inc will post 0.45 earnings per share for the current year.

EquipmentShare.com announced that its board has approved a stock repurchase plan on Friday, July 10th that allows the company to buy back $500 million in shares. This buyback authorization allows the company to repurchase up to 12.4% of its shares through open market purchases. Share buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

About EquipmentShare.com

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.