Citigroup Forecasts Strong Price Appreciation for EquipmentShare.com (NASDAQ:EQPT) Stock

EquipmentShare.com (NASDAQ:EQPT) had its price target hoisted by Citigroup from $19.00 to $22.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential upside of 9.86% from the stock’s current price.

EQPT has been the subject of several other reports. Weiss Ratings downgraded shares of EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Citizens Jmp reissued a “market outperform” rating and issued a $42.00 target price on shares of EquipmentShare.com in a research report on Monday, June 22nd. Wells Fargo & Company reduced their target price on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, July 14th. BNP Paribas Exane initiated coverage on 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, Truist Financial dropped their price target on EquipmentShare.com from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 2nd. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $36.67.

EquipmentShare.com Price Performance

NASDAQ EQPT traded down $0.60 during midday trading on Monday, hitting $20.02. 305,286 shares of the company traded hands, compared to its average volume of 2,213,974. The company has a current ratio of 2.42, a quick ratio of 1.91 and a debt-to-equity ratio of 3.16. The stock has a market capitalization of $5.05 billion and a P/E ratio of 154.80. The firm has a 50-day simple moving average of $19.77. EquipmentShare.com has a 52 week low of $15.71 and a 52 week high of $35.50.

EquipmentShare.com (NASDAQ:EQPT) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.28. The firm had revenue of $1.45 billion for the quarter. On average, research analysts predict that EquipmentShare.com will post 0.46 earnings per share for the current year.

EquipmentShare.com declared that its board has authorized a share repurchase program on Friday, July 10th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 12.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Jabbok Schlacks acquired 50,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were acquired at an average cost of $21.12 per share, with a total value of $1,056,000.00. Following the completion of the acquisition, the chief executive officer directly owned 50,000 shares in the company, valued at approximately $1,056,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director W Bryan Hill acquired 21,803 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $22.89 per share, for a total transaction of $499,070.67. Following the completion of the acquisition, the director owned 35,794 shares in the company, valued at $819,324.66. The trade was a 155.84% increase in their position. The disclosure for this purchase is available in the SEC filing. 32.81% of the stock is currently owned by company insiders.

Institutional Trading of EquipmentShare.com

An institutional investor recently bought a new stake in EquipmentShare.com stock. Bank of New York Mellon Corp bought a new position in shares of EquipmentShare.com Inc (NASDAQ:EQPT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 16,605 shares of the company’s stock, valued at approximately $326,000.

About EquipmentShare.com

EquipmentShare.com Inc provides integrated, full-service construction solutions across equipment rental, sales and technology. EquipmentShare.com Inc is based in Columbia, Missouri.