EquipmentShare.com (NASDAQ:EQPT) Stock Price Target Lowered at Citigroup

EquipmentShare.com (NASDAQ:EQPT) had its target price decreased by equities researchers at Citigroup from $22.00 to $17.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 15.18% from the company’s current price.

Several other research firms also recently commented on EQPT. Truist Financial reduced their price objective on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, October 5th. UBS Group decreased their target price on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, August 20th. Weiss Ratings cut EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. BNP Paribas Exane started coverage on EquipmentShare.com in a report on Monday, June 29th. They issued a “neutral” rating and a $22.00 target price for the company. Finally, Citizens Jmp reissued a “market outperform” rating and set a $42.00 price target on shares of EquipmentShare.com in a research report on Monday, June 22nd. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $33.78.

EquipmentShare.com Trading Down 2.2%

EQPT stock traded down $0.33 during mid-day trading on Monday, reaching $14.76. The company had a trading volume of 3,631,970 shares, compared to its average volume of 2,466,167. The company has a market capitalization of $3.74 billion and a PE ratio of 47.61. The firm has a 50 day moving average of $18.59 and a 200 day moving average of $19.88. EquipmentShare.com has a 12 month low of $14.20 and a 12 month high of $35.50. 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 posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.28. The company had revenue of $1.45 billion for the quarter. On average, equities analysts predict that EquipmentShare.com will post 0.45 earnings per share for the current fiscal year.

EquipmentShare.com announced that its Board of Directors has initiated a stock repurchase plan on Friday, July 10th that authorizes the company to buy back $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 12.4% of its stock through open market purchases. Share buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, major shareholder Neil Chheda sold 1,285,402 shares of the business’s stock in a transaction 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 approximately $834,629,306.56. The trade was a 3.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Schlacks purchased 4,000 shares of EquipmentShare.com stock in a transaction dated Tuesday, August 18th. The stock was bought 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 owned 58,950 shares in the company, valued at approximately $1,153,062. This represents a 7.28% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 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.

Institutional Trading of EquipmentShare.com

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

About EquipmentShare.com

EquipmentShare is a technology-enabled equipment rental and services company serving the construction and industrial sectors. The company provides access to a broad range of heavy equipment, including earthmoving, aerial, material-handling and general construction machinery, along with related parts, maintenance and support services.

Its technology platform, known as T3, is designed to help contractors and equipment owners monitor fleets, track equipment location and utilization, manage maintenance, and coordinate assets, teams and projects.