EquipmentShare.com (NASDAQ:EQPT) Shares Climb 12.8% – Here’s Why

EquipmentShare.com Inc (NASDAQ:EQPT)’s stock price traded up 12.8% during mid-day trading on Wednesday. The stock traded as high as $15.19 and last traded at $15.2560. Approximately 2,598,620 shares were traded during mid-day trading, an increase of 1% from the average session volume of 2,564,141 shares. The stock had previously closed at $13.53.

Analyst Upgrades and Downgrades

A number of brokerages have commented on EQPT. Weiss Ratings cut EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. Wells Fargo & Company decreased their price objective on EquipmentShare.com from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday. UBS Group lowered their target price on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, August 20th. Citigroup cut their target price on EquipmentShare.com from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, October 20th. Finally, Truist Financial reduced their price target on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Six 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $29.78.

EquipmentShare.com Stock Down 3.5%

The company has a market cap of $3.91 billion and a price-to-earnings ratio of 34.02. The company has a debt-to-equity ratio of 3.56, a quick ratio of 1.91 and a current ratio of 2.45. The stock’s fifty day moving average is $16.80 and its two-hundred day moving average is $20.92.

EquipmentShare.com (NASDAQ:EQPT) last released its quarterly earnings results on Monday, November 9th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.14. The business had revenue of $1.47 billion during the quarter. EquipmentShare.com had a return on equity of 15.10% and a net margin of 1.37%. Sell-side analysts predict that EquipmentShare.com Inc will post 0.49 earnings per share for the current fiscal year.

EquipmentShare.com announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 22nd that authorizes the company to repurchase $500 million in shares. This repurchase authorization authorizes the company to buy up to 11.3% of its shares through open market purchases. Share repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, major shareholder Neil Chheda sold 1,285,402 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider owned 40,476,688 shares in the company, valued at $834,629,306.56. This trade represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director W Hill bought 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 11th. The shares were bought at an average cost of $13.85 per share, for a total transaction of $554,000.00. Following the transaction, the director owned 82,451 shares of the company’s stock, valued at $1,141,946.35. The trade was a 94.23% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 140,312 shares of company stock worth $2,302,912 over the last three months. Company insiders own 32.81% of the company’s stock.

Hedge Funds Weigh In On EquipmentShare.com

Several large investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new position in EquipmentShare.com during the 2nd quarter worth $168,226,000. Waverly Advisors LLC purchased a new stake in shares of EquipmentShare.com in the second quarter valued at about $2,387,000. Engineers Gate Manager LP purchased a new stake in shares of EquipmentShare.com in the second quarter valued at about $679,000. Teachers Retirement System of The State of Kentucky raised its holdings in shares of EquipmentShare.com by 318.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 83,049 shares of the company’s stock valued at $1,443,000 after purchasing an additional 63,191 shares during the last quarter. Finally, Fulcrum Asset Management LLP purchased a new stake in shares of EquipmentShare.com in the third quarter valued at about $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.