Custom Truck One Source (NYSE:CTOS) Stock Price Down 6% – What’s Next?

Custom Truck One Source, Inc. (NYSE:CTOS)’s stock price dropped 6% during trading on Friday . The stock traded as low as $10.31 and last traded at $10.4010. Approximately 162,597 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 1,002,204 shares. The stock had previously closed at $11.06.

Key Headlines Impacting Custom Truck One Source

Here are the key news stories impacting Custom Truck One Source this week:

• Positive Sentiment: Zacks upgraded CTOS to Rank #1 (Strong Buy), citing growing optimism about the company’s earnings prospects. The upgrade may encourage additional buying and reflects improving analyst expectations. What Makes Custom Truck One Source CTOS a New Strong Buy Stock
• Positive Sentiment: Oppenheimer maintained its Buy rating for CTOS, reinforcing the existing positive Wall Street view. Oppenheimer Sticks to Its Buy Rating for Custom Truck One Source
• Positive Sentiment: Robert W. Baird reportedly expects CTOS shares to rise, adding another constructive analyst signal following the earnings beat. Custom Truck One Source Stock Price Expected to Rise
• Positive Sentiment: Zacks identified CTOS as one of three breakout candidates trading near 52-week highs after passing technical screens. It also included the company among profitable stocks with earnings growth that investors may consider in August. 3 Breakout Stocks Poised for Big Gains This August
• Neutral Sentiment: Recent coverage also compares CTOS with other industrial and auto-truck companies, but does not announce a new business development or material change to its outlook. The stock’s elevated valuation and debt levels remain considerations for investors despite the bullish ratings.

Analyst Ratings Changes

CTOS has been the topic of a number of research reports. Robert W. Baird boosted their target price on shares of Custom Truck One Source from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Stifel Nicolaus raised their price objective on Custom Truck One Source from $8.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Oppenheimer raised their price objective on Custom Truck One Source from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Custom Truck One Source in a report on Friday, July 17th. Finally, DA Davidson reiterated a “buy” rating and issued a $8.50 target price on shares of Custom Truck One Source in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.21.

Custom Truck One Source Price Performance

The company’s 50 day moving average price is $10.57 and its 200-day moving average price is $8.60. The stock has a market cap of $2.37 billion, a P/E ratio of 115.58 and a beta of 1.38. The company has a quick ratio of 0.25, a current ratio of 1.34 and a debt-to-equity ratio of 2.03.

Custom Truck One Source (NYSE:CTOS) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. Custom Truck One Source had a net margin of 1.05% and a return on equity of 2.66%. The company had revenue of $563.45 million for the quarter, compared to analyst estimates of $509.76 million. During the same quarter in the previous year, the business earned ($0.13) earnings per share. Custom Truck One Source’s revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts expect that Custom Truck One Source, Inc. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Custom Truck One Source

Several institutional investors and hedge funds have recently made changes to their positions in CTOS. M&T Bank Corp lifted its stake in shares of Custom Truck One Source by 7.6% in the second quarter. M&T Bank Corp now owns 26,222 shares of the company’s stock worth $130,000 after acquiring an additional 1,848 shares during the period. R Squared Ltd increased its position in Custom Truck One Source by 14.2% during the 1st quarter. R Squared Ltd now owns 18,894 shares of the company’s stock valued at $124,000 after purchasing an additional 2,349 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Custom Truck One Source by 6.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,448 shares of the company’s stock worth $185,000 after purchasing an additional 2,371 shares during the last quarter. Legal & General Group Plc raised its holdings in Custom Truck One Source by 4.6% during the 3rd quarter. Legal & General Group Plc now owns 60,973 shares of the company’s stock worth $391,000 after purchasing an additional 2,692 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Custom Truck One Source by 9.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 31,855 shares of the company’s stock worth $157,000 after purchasing an additional 2,773 shares during the period. Institutional investors and hedge funds own 90.07% of the company’s stock.

Custom Truck One Source Company Profile

Custom Truck One Source, Inc (NYSE: CTOS) is a North American provider of specialty rental equipment, parts and services. The company’s fleet encompasses a wide range of assets, including cranes, aerial work platforms, trench safety and shoring equipment, fluid management solutions, generators and other industrial machinery. Customers rely on Custom Truck One Source to support projects in construction, energy, telecommunications, industrial manufacturing, municipalities and large-scale events.

Headquartered in Plano, Texas, Custom Truck One Source has expanded through a combination of organic growth and strategic acquisitions to establish a network of more than 140 branch locations across the United States and Canada.