EquipmentShare.com (NASDAQ:EQPT) Shares Break Above 50 Day Moving Average Following Analyst Downgrade

EquipmentShare.com Inc (NASDAQ:EQPT)’s stock price passed above its 50 day moving average during trading on Tuesday after Weiss Ratings upgraded the stock from a sell (d) rating to a sell (d+) rating. The stock has a 50 day moving average of $17.40 and traded as high as $18.43. EquipmentShare.com shares last traded at $17.71, with a volume of 3,705,754 shares.

Other analysts also recently issued reports about the stock. BNP Paribas Exane began coverage on shares of EquipmentShare.com in a report on Monday, June 29th. They set a “neutral” rating and a $22.00 price objective for the company. Truist Financial cut their target price on shares of EquipmentShare.com from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 2nd. Citigroup increased their target price on EquipmentShare.com from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Monday, August 17th. 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 research report on Tuesday, July 14th. Finally, Citizens Jmp restated 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 investment 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. Based on data from MarketBeat.com, EquipmentShare.com presently has an average rating of “Hold” and an average target price of $30.00.

Insider Buying and Selling at EquipmentShare.com

In other EquipmentShare.com news, CEO Jabbok Schlacks purchased 22,900 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were purchased at an average cost of $17.76 per share, with a total value of $406,704.00. Following the completion of the purchase, the chief executive officer owned 125,000 shares of the company’s stock, valued at $2,220,000. The trade was a 22.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Neil Chheda sold 1,285,402 shares of the business’s 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 sale, the insider 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 ownership of the stock. The SEC filing for this sale provides additional information. Over 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. Company insiders own 32.81% of the company’s stock.

Hedge Funds Weigh In On EquipmentShare.com

A number of large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in EquipmentShare.com in the second quarter worth $168,226,000. Waverly Advisors LLC bought a new position in shares of EquipmentShare.com during the second quarter valued at about $2,387,000. Engineers Gate Manager LP bought a new position in shares of EquipmentShare.com during the second quarter valued at about $679,000. BigSur Wealth Management LLC purchased a new position in shares of EquipmentShare.com in the third quarter worth about $434,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of EquipmentShare.com in the second quarter worth about $326,000.

EquipmentShare.com Stock Up 8.9%

The company has a fifty day moving average price of $17.40 and a 200 day moving average price of $21.25.

EquipmentShare.com (NASDAQ:EQPT) last issued its 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. As a group, research analysts expect that EquipmentShare.com Inc will post 0.45 EPS for the current year.

EquipmentShare.com declared that its Board of Directors has approved a share buyback program on Friday, July 10th that authorizes the company to buy back $500 million in shares. This repurchase authorization authorizes the company to purchase up to 12.4% of its stock through open market purchases. Share repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

EquipmentShare.com Company Profile

EquipmentShare is a construction equipment rental and technology company that combines equipment, digital tools and services for contractors and other businesses. Its operations include the rental of construction equipment, equipment sales, maintenance and repair, transportation, and related support services.

The company’s technology platform, including its T3 telematics and fleet-management tools, is designed to help customers monitor equipment location, utilization, maintenance needs and operating conditions.