EquipmentShare.com (NASDAQ:EQPT) Given New $31.00 Price Target at Truist Financial

EquipmentShare.com (NASDAQ:EQPT) had its price target reduced by Truist Financial from $35.00 to $31.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also weighed in on EQPT. Weiss Ratings lowered EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. Citigroup boosted their target price on EquipmentShare.com from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Monday, August 17th. 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 report on Tuesday, July 14th. UBS Group decreased their price target on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, August 20th. Finally, Citizens Jmp reissued a “market outperform” rating and issued 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 issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $34.33.

EquipmentShare.com Stock Up 2.2%

EQPT stock opened at $18.90 on Monday. EquipmentShare.com has a 12 month low of $15.71 and a 12 month high of $35.50. The firm has a market cap of $4.79 billion and a PE ratio of 60.97. The firm has a 50 day simple moving average of $18.74 and a 200 day simple moving average of $20.04. The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91.

EquipmentShare.com (NASDAQ:EQPT) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.28. The business had revenue of $1.45 billion during the quarter. Equities research analysts forecast that EquipmentShare.com will post 0.44 earnings per share for the current fiscal year.

EquipmentShare.com announced that its Board of Directors has initiated a stock repurchase program on Friday, July 10th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider William J. Schlacks bought 2,000 shares of the business’s stock in a transaction on Friday, August 21st. The stock was bought at an average price of $18.64 per share, for a total transaction of $37,280.00. Following the transaction, the insider directly owned 60,950 shares in the company, valued at $1,136,108. This represents a 3.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jabbok Schlacks bought 22,900 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was bought at an average price of $17.76 per share, with a total value of $406,704.00. Following the transaction, the chief executive officer owned 125,000 shares in the company, valued at approximately $2,220,000. This represents a 22.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 85,950 shares of company stock worth $1,537,422 and sold 2,201,032 shares worth $45,393,501. Corporate insiders own 32.81% of the company’s stock.

Institutional Trading of EquipmentShare.com

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP purchased a new position in EquipmentShare.com in the second quarter valued at about $168,226,000. Waverly Advisors LLC purchased a new stake in shares of EquipmentShare.com during the 2nd quarter worth about $2,387,000. Engineers Gate Manager LP purchased a new stake in shares of EquipmentShare.com during the 2nd quarter worth about $679,000. Bank of New York Mellon Corp purchased a new stake in shares of EquipmentShare.com during the 2nd quarter worth about $326,000. Finally, Chico Wealth RIA acquired a new stake in shares of EquipmentShare.com during the 2nd quarter valued at about $322,000.

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.