EquipmentShare.com (NASDAQ:EQPT) Shares Down 7.5% – Here’s What Happened

EquipmentShare.com Inc (NASDAQ:EQPT)’s stock price was down 7.5% during trading on Thursday . The stock traded as low as $16.84 and last traded at $16.7190. 2,607,475 shares changed hands during trading, an increase of 13% from the average session volume of 2,306,608 shares. The stock had previously closed at $18.08.

Analyst Ratings Changes

EQPT has been the subject of a number of recent analyst reports. Truist Financial restated a “buy” rating and set a $35.00 price target (down from $38.00) on shares of EquipmentShare.com in a research report on Tuesday, August 25th. Citizens Jmp reissued a “market outperform” rating and set a $42.00 price objective on shares of EquipmentShare.com in a research note on Monday, June 22nd. BNP Paribas Exane initiated coverage on EquipmentShare.com in a research note on Monday, June 29th. They issued a “neutral” rating and a $22.00 target price on the stock. Wells Fargo & Company lowered their price target on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Weiss Ratings raised EquipmentShare.com from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, August 14th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $34.78.

EquipmentShare.com Stock Performance

The business’s fifty day simple moving average is $18.74 and its 200-day simple moving average is $20.53. The firm has a market cap of $4.13 billion and a P/E ratio of 52.83. The company has a current ratio of 2.42, a quick ratio of 1.91 and a debt-to-equity ratio of 3.16.

EquipmentShare.com (NASDAQ:EQPT) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.28. The business had revenue of $1.45 billion during the quarter. As a group, sell-side analysts expect that EquipmentShare.com Inc will post 0.44 earnings per share for the current year.

EquipmentShare.com declared that its board has initiated a stock buyback plan on Friday, July 10th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 12.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at EquipmentShare.com

In related news, CEO Jabbok Schlacks acquired 22,900 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average cost of $17.76 per share, with a total value of $406,704.00. Following the completion of the acquisition, the chief executive officer directly owned 125,000 shares of the company’s stock, valued at approximately $2,220,000. This trade represents a 22.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William J. Schlacks bought 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were acquired at an average price 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. This trade represents a 7.28% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is owned by insiders.

Institutional Investors Weigh In On EquipmentShare.com

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP bought a new stake in EquipmentShare.com in the second quarter worth $168,226,000. Waverly Advisors LLC purchased a new stake in EquipmentShare.com in the 2nd quarter worth about $2,387,000. Engineers Gate Manager LP bought a new stake in EquipmentShare.com in the second quarter worth about $679,000. Chico Wealth RIA purchased a new position in shares of EquipmentShare.com during the second quarter valued at approximately $322,000. Finally, Arizona State Retirement System bought a new position in shares of EquipmentShare.com during the second quarter valued at approximately $205,000.

EquipmentShare.com Company Profile

EquipmentShare.com is a technology-enabled equipment rental and services company serving the construction and industrial sectors. The company provides access to construction equipment, including aerial lifts, earthmoving machinery, material-handling equipment, generators and other jobsite assets, through a network of locations across the United States.

Its business combines equipment rental and sales with maintenance, repair and related support services. EquipmentShare also offers technology intended to help contractors manage fleets and jobsites.