EquipmentShare.com (NASDAQ:EQPT) Reaches New 1-Year Low – What’s Next?

EquipmentShare.com Inc (NASDAQ:EQPT)’s share price hit a new 52-week low during trading on Thursday. The stock traded as low as $13.65 and last traded at $13.71, with a volume of 4,591,333 shares changing hands. The stock had previously closed at $15.37.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EQPT shares. Truist Financial dropped their target price on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Citigroup decreased their price target on shares of EquipmentShare.com from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday. Weiss Ratings cut shares of EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. BNP Paribas Exane started coverage on shares of EquipmentShare.com in a research report on Monday, June 29th. They set a “neutral” rating and a $22.00 price target for the company. Finally, UBS Group dropped their price objective on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, EquipmentShare.com presently has a consensus rating of “Hold” and a consensus target price of $33.78.

EquipmentShare.com Trading Down 10.8%

The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91. The business has a 50-day moving average price of $18.26 and a 200 day moving average price of $19.75.

EquipmentShare.com (NASDAQ:EQPT) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.28. The company had revenue of $1.45 billion for the quarter. As a group, analysts forecast 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 authorized a share buyback program on Friday, July 10th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 12.4% of its stock through open market purchases. Share repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at EquipmentShare.com

In other news, insider William Schlacks purchased 4,000 shares of the stock in a transaction dated Tuesday, August 18th. The shares were purchased at an average cost of $19.56 per share, with a total value of $78,240.00. Following the acquisition, the insider directly owned 58,950 shares of the company’s stock, valued at $1,153,062. This represents a 7.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Neil Chheda sold 1,285,402 shares of the stock in a transaction dated Tuesday, August 18th. The shares were 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 in the company, valued at approximately $834,629,306.56. This represents a 3.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have purchased 85,950 shares of company stock worth $1,537,422 and have sold 2,201,032 shares worth $45,393,501. 32.81% of the stock is owned by insiders.

Hedge Funds Weigh In On EquipmentShare.com

Hedge funds have recently modified their holdings of the company. Arizona State Retirement System purchased a new stake in EquipmentShare.com in the 2nd quarter worth $205,000. Chico Wealth RIA bought a new stake in EquipmentShare.com during the second quarter valued at about $322,000. Bank of New York Mellon Corp purchased a new position in shares of EquipmentShare.com in the second quarter valued at about $326,000. BigSur Wealth Management LLC purchased a new position in shares of EquipmentShare.com in the third quarter valued at about $434,000. Finally, Engineers Gate Manager LP purchased a new position in shares of EquipmentShare.com in the second quarter valued at about $679,000.

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.