EquipmentShare.com (NASDAQ:EQPT) Given New $17.00 Price Target at Wells Fargo & Company

EquipmentShare.com (NASDAQ:EQPT) had its target price cut by Wells Fargo & Company from $19.00 to $17.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 16.51% from the stock’s previous close.

Several other equities research analysts also recently commented on EQPT. Citigroup decreased their target price on shares of EquipmentShare.com from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, October 20th. Weiss Ratings downgraded EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. Robert W. Baird cut their price target on EquipmentShare.com from $35.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, October 20th. Truist Financial decreased their price objective on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, UBS Group lowered their price objective on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.78.

EquipmentShare.com Stock Up 7.8%

Shares of NASDAQ:EQPT traded up $1.06 during trading on Wednesday, reaching $14.59. 736,134 shares of the stock were exchanged, compared to its average volume of 2,552,839. The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91. EquipmentShare.com has a 1-year low of $12.41 and a 1-year high of $35.50. The stock has a fifty day moving average of $16.87 and a two-hundred day moving average of $20.97. The firm has a market cap of $3.70 billion and a price-to-earnings ratio of 113.35.

EquipmentShare.com (NASDAQ:EQPT) last announced its quarterly earnings results on Monday, November 9th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.14. EquipmentShare.com had a net margin of 1.37% and a return on equity of 16.97%. The business had revenue of $1.47 billion during the quarter. Research analysts anticipate that EquipmentShare.com will post 0.45 earnings per share for the current fiscal year.

EquipmentShare.com declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 22nd that allows the company to buy back $500 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at EquipmentShare.com

In other news, major shareholder Neil Chheda sold 1,285,402 shares of the company’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 completion of the transaction, the insider directly owned 40,476,688 shares of the company’s stock, valued at $834,629,306.56. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider William Schlacks purchased 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were acquired at an average cost of $19.56 per share, with a total value of $78,240.00. Following the completion of the transaction, the insider directly owned 58,950 shares of the company’s stock, valued at $1,153,062. The trade was a 7.28% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 85,950 shares of company stock worth $1,537,422 and have sold 2,201,032 shares worth $45,393,501. Company insiders own 32.81% of the company’s stock.

Hedge Funds Weigh In On EquipmentShare.com

Several institutional investors have recently bought and sold shares of EQPT. Teachers Retirement System of The State of Kentucky grew its stake in shares of EquipmentShare.com by 318.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 83,049 shares of the company’s stock worth $1,443,000 after acquiring an additional 63,191 shares during the period. Optas LLC bought a new stake in EquipmentShare.com in the 3rd quarter valued at about $402,000. Fulcrum Asset Management LLP bought a new stake in EquipmentShare.com in the 3rd quarter valued at about $247,000. Brighton Jones LLC purchased a new stake in EquipmentShare.com during the third quarter valued at about $304,000. Finally, Parallel Advisors LLC lifted its holdings in EquipmentShare.com by 23,621.2% during the third quarter. Parallel Advisors LLC now owns 7,828 shares of the company’s stock valued at $136,000 after purchasing an additional 7,795 shares during the last quarter.

About EquipmentShare.com

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.