EquipmentShare.com (NASDAQ:EQPT) Stock Jumps 12.8% – Here’s Why

EquipmentShare.com Inc (NASDAQ:EQPT) shares traded up 12.8% during mid-day trading on Wednesday. The company traded as high as $15.19 and last traded at $15.2560. 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 Ratings Changes

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

EquipmentShare.com Trading Up 13.5%

The business has a fifty day moving average of $16.87 and a 200-day moving average of $20.97. The stock has a market capitalization of $3.89 billion and a price-to-earnings ratio of 118.16. 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 (NASDAQ:EQPT) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.16 earnings per share 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 company had revenue of $1.47 billion during the quarter. On average, equities analysts anticipate that EquipmentShare.com Inc will post 0.45 earnings per share for the current fiscal year.

EquipmentShare.com declared that its Board of Directors has initiated a stock buyback 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. Share repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other EquipmentShare.com news, insider William Schlacks bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was acquired at an average cost of $18.64 per share, with a total value of $37,280.00. Following the completion of the purchase, the insider directly owned 60,950 shares in the company, valued at approximately $1,136,108. This trade represents a 3.39% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Neil Chheda sold 1,285,402 shares of EquipmentShare.com stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $20.62, for a total transaction of $26,504,989.24. Following the completion of the transaction, the insider owned 40,476,688 shares in the company, valued at approximately $834,629,306.56. This trade represents a 3.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety 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. Insiders own 32.81% of the company’s stock.

Hedge Funds Weigh In On EquipmentShare.com

A number of large investors have recently made changes to their positions in EQPT. Parallel Advisors LLC lifted its position in EquipmentShare.com by 23,621.2% in the 3rd quarter. Parallel Advisors LLC now owns 7,828 shares of the company’s stock worth $136,000 after buying an additional 7,795 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of EquipmentShare.com in the third quarter worth $157,000. Arizona State Retirement System acquired a new position in shares of EquipmentShare.com in the second quarter worth $205,000. Fulcrum Asset Management LLP purchased a new stake in shares of EquipmentShare.com during the third quarter worth $247,000. Finally, Brighton Jones LLC acquired a new stake in EquipmentShare.com during the third quarter valued at $304,000.

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.