EquipmentShare.com (NASDAQ:EQPT) Stock Price Down 6.4% – What’s Next?

EquipmentShare.com Inc (NASDAQ:EQPT)’s share price dropped 6.4% during trading on Wednesday. The company traded as low as $18.17 and last traded at $17.6920. 52,682 shares traded hands during trading, a decline of 98% from the average daily volume of 2,378,943 shares. The stock had previously closed at $18.90.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on EQPT shares. UBS Group reduced their target price on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, August 20th. Truist Financial cut their price target on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a report on Monday. Citizens Jmp reissued a “market outperform” rating and set a $42.00 price target on shares of EquipmentShare.com in a research note on Monday, June 22nd. Wells Fargo & Company decreased their price objective on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Citigroup lifted their price objective on EquipmentShare.com from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, August 17th. Six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $34.33.

EquipmentShare.com Price Performance

The company has a market capitalization of $4.51 billion and a PE ratio of 57.39. 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 company’s 50 day moving average price is $18.73 and its 200-day moving average price is $20.00.

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, beating analysts’ consensus estimates of ($0.10) by $0.28. The firm had revenue of $1.45 billion for the quarter. On average, sell-side analysts forecast that EquipmentShare.com Inc will post 0.44 earnings per share for the current fiscal year.

EquipmentShare.com announced that its board has initiated a share buyback program on Friday, July 10th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 12.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at EquipmentShare.com

In other EquipmentShare.com news, major shareholder Neil Chheda sold 1,285,402 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were 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 directly owned 40,476,688 shares in the company, valued at $834,629,306.56. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Schlacks bought 4,000 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was acquired at an average cost of $19.56 per share, for a total transaction of $78,240.00. Following the purchase, the insider owned 58,950 shares in the company, valued at approximately $1,153,062. This trade represents a 7.28% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 85,950 shares of company stock worth $1,537,422 and have sold 2,201,032 shares worth $45,393,501. 32.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EquipmentShare.com

Hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP purchased a new position in EquipmentShare.com in the 2nd quarter worth approximately $679,000. Arizona State Retirement System purchased a new position in EquipmentShare.com in the 2nd quarter valued at about $205,000. Waverly Advisors LLC purchased a new stake in shares of EquipmentShare.com during the second quarter worth about $2,387,000. Chico Wealth RIA bought a new stake in shares of EquipmentShare.com in the second quarter worth $322,000. Finally, Wellington Management Group LLP acquired a new stake in EquipmentShare.com in the second quarter valued at $168,226,000.

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.