Custom Truck One Source (NYSE:CTOS) Shares Down 7.3% – Here’s Why

Custom Truck One Source, Inc. (NYSE:CTOS)’s stock price was down 7.3% on Wednesday. The stock traded as low as $9.31 and last traded at $9.2280. Approximately 49,018 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 974,682 shares. The stock had previously closed at $9.96.

Wall Street Analysts Forecast Growth

CTOS has been the subject of a number of recent analyst reports. Zacks Research downgraded shares of Custom Truck One Source from a “strong-buy” rating to a “hold” rating in a report on Monday. Cantor Fitzgerald raised their target price on Custom Truck One Source from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Robert W. Baird upped their target price on shares of Custom Truck One Source from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. DA Davidson reaffirmed a “buy” rating and set a $13.00 target price on shares of Custom Truck One Source in a research note on Tuesday, September 15th. Finally, Weiss Ratings upgraded shares of Custom Truck One Source from a “sell (d-)” rating to a “hold (c)” rating in a research report on Tuesday, September 22nd. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Custom Truck One Source has an average rating of “Hold” and an average target price of $12.00.

Custom Truck One Source Stock Down 0.4%

The business has a 50-day simple moving average of $9.68 and a 200-day simple moving average of $9.49. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.29 and a current ratio of 1.34. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 104.50 and a beta of 1.43.

Custom Truck One Source (NYSE:CTOS) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. Custom Truck One Source had a net margin of 1.05% and a return on equity of 2.66%. The company had revenue of $563.45 million during the quarter, compared to the consensus estimate of $509.76 million. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities analysts anticipate that Custom Truck One Source, Inc. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Custom Truck One Source

A number of institutional investors and hedge funds have recently modified their holdings of CTOS. Dimensional Fund Advisors LP lifted its holdings in Custom Truck One Source by 15.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,602,838 shares of the company’s stock worth $36,806,000 after buying an additional 741,857 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Custom Truck One Source by 154.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,056,550 shares of the company’s stock worth $6,942,000 after purchasing an additional 642,109 shares during the last quarter. Heartland Advisors Inc. boosted its holdings in Custom Truck One Source by 42.9% in the first quarter. Heartland Advisors Inc. now owns 1,000,000 shares of the company’s stock valued at $6,570,000 after purchasing an additional 300,000 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Custom Truck One Source in the second quarter valued at approximately $1,842,000. Finally, Tidal Investments LLC acquired a new stake in Custom Truck One Source during the second quarter worth approximately $987,000. Institutional investors and hedge funds own 90.07% of the company’s stock.

Custom Truck One Source Company Profile

Custom Truck One Source, Inc is a specialty equipment provider serving the utility, telecommunications, rail, infrastructure, vegetation management and related industrial markets. The company sells, rents and services new and used equipment designed for field operations, including aerial devices, bucket trucks, digger derricks, cranes, construction equipment, trailers and rail-based equipment.

In addition to equipment sales and rentals, Custom Truck One Source provides parts, maintenance, repair, refurbishment and other support services.