EquipmentShare.com (NASDAQ:EQPT) Price Target Raised to $17.00

EquipmentShare.com (NASDAQ:EQPT) had its target price upped by equities research analysts at Citigroup from $16.00 to $17.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup‘s price target indicates a potential upside of 10.25% from the stock’s previous close.

A number of other analysts also recently weighed in on EQPT. Weiss Ratings downgraded EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Wells Fargo & Company cut their target price on EquipmentShare.com from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday. Truist Financial reduced their price target on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. UBS Group decreased their price target 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. Finally, Robert W. Baird decreased their target price on shares of EquipmentShare.com from $35.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, October 20th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $29.89.

EquipmentShare.com Trading Down 0.1%

NASDAQ EQPT traded down $0.01 on Friday, hitting $15.42. The company’s stock had a trading volume of 2,261,862 shares, compared to its average volume of 2,582,738. The company has a quick ratio of 1.91, a current ratio of 2.45 and a debt-to-equity ratio of 3.56. EquipmentShare.com has a 1-year low of $12.41 and a 1-year high of $35.50. The company’s 50-day moving average is $16.80 and its 200 day moving average is $20.92. The firm has a market cap of $3.91 billion and a PE ratio of 118.62.

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

EquipmentShare.com announced that its Board of Directors has authorized a share buyback program on Wednesday, July 22nd that allows the company to repurchase $500 million in shares. This repurchase authorization allows the company to reacquire up to 11.3% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider William J. Schlacks acquired 2,000 shares of EquipmentShare.com stock in a transaction dated Friday, August 21st. The stock was bought at an average price of $18.64 per share, with a total value of $37,280.00. Following the transaction, the insider directly owned 60,950 shares in the company, valued at $1,136,108. This represents a 3.39% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Neil Chheda sold 1,285,402 shares of EquipmentShare.com stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $20.62, for a total transaction of $26,504,989.24. Following the completion of the sale, the insider owned 40,476,688 shares of the company’s stock, valued at $834,629,306.56. This represents a 3.08% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have acquired 140,312 shares of company stock valued at $2,302,912. Company insiders own 32.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP bought a new position in EquipmentShare.com during the second quarter worth $168,226,000. State Street Corp increased its stake in EquipmentShare.com by 80.1% in the third quarter. State Street Corp now owns 702,243 shares of the company’s stock valued at $12,198,000 after purchasing an additional 312,313 shares in the last quarter. Waverly Advisors LLC bought a new stake in EquipmentShare.com in the second quarter valued at $2,387,000. Canvas Wealth Advisors LLC increased its stake in EquipmentShare.com by 22.9% in the third quarter. Canvas Wealth Advisors LLC now owns 117,256 shares of the company’s stock valued at $2,132,000 after purchasing an additional 21,846 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of EquipmentShare.com by 318.2% during 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 period.

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.