EquipmentShare.com (NASDAQ:EQPT) Board of Directors Announces Share Buyback Program

EquipmentShare.com (NASDAQ:EQPT) announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 22nd, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on EQPT shares. Weiss Ratings lowered EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, May 20th. Citigroup raised their target price on shares of EquipmentShare.com from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. BNP Paribas Exane began coverage on shares of EquipmentShare.com in a report on Monday, June 29th. They issued a “neutral” rating and a $22.00 target price on the stock. Truist Financial reduced their price target 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. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $42.00 price target on shares of EquipmentShare.com in a research note on Monday, June 22nd. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, EquipmentShare.com currently has a consensus rating of “Hold” and a consensus price target of $36.33.

EquipmentShare.com Stock Down 1.1%

Shares of NASDAQ EQPT traded down $0.20 during mid-day trading on Wednesday, hitting $17.34. 6,853,071 shares of the company were exchanged, compared to its average volume of 3,179,066. The company has a debt-to-equity ratio of 2.71, a quick ratio of 1.90 and a current ratio of 2.47. The business’s 50 day moving average is $20.34. EquipmentShare.com has a 1-year low of $15.71 and a 1-year high of $35.50. The company has a market capitalization of $4.38 billion and a price-to-earnings ratio of 133.38.

EquipmentShare.com (NASDAQ:EQPT) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.15. The firm had revenue of $989.00 million during the quarter. The business’s revenue was up 38.1% compared to the same quarter last year. Analysts anticipate that EquipmentShare.com will post 0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jabbok Schlacks acquired 50,000 shares of EquipmentShare.com stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $21.12 per share, for a total transaction of $1,056,000.00. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Naveen Bhatia acquired 10,000 shares of the stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $24.22 per share, for a total transaction of $242,200.00. Following the acquisition, the director directly owned 312,000 shares in the company, valued at $7,556,640. This represents a 3.31% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 81,803 shares of company stock valued at $1,797,271 over the last ninety days. Corporate insiders own 32.81% of the company’s stock.

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.