EquipmentShare.com (NASDAQ:EQPT) Stock Price Up 8.6% – Here’s What Happened

EquipmentShare.com Inc (NASDAQ:EQPT)’s stock price rose 8.6% on Tuesday. The company traded as high as $15.12 and last traded at $15.1450. Approximately 1,354,561 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 2,496,150 shares. The stock had previously closed at $13.95.

Analyst Ratings Changes

EQPT has been the topic of a number of research reports. Robert W. Baird cut their target price on shares of EquipmentShare.com from $35.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday. BNP Paribas Exane initiated coverage on shares of EquipmentShare.com in a report on Monday, June 29th. They issued a “neutral” rating and a $22.00 price target for the company. UBS Group lowered their price target on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday, August 20th. Weiss Ratings cut shares of EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Finally, Truist Financial dropped their price objective on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, EquipmentShare.com presently has a consensus rating of “Hold” and a consensus price target of $30.67.

EquipmentShare.com Stock Up 8.0%

The company’s 50-day simple moving average is $17.73 and its 200 day simple moving average is $19.57. The company has a current ratio of 2.42, a quick ratio of 1.91 and a debt-to-equity ratio of 3.16.

EquipmentShare.com (NASDAQ:EQPT) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.28. The firm had revenue of $1.45 billion during the quarter. Analysts predict that EquipmentShare.com Inc will post 0.45 earnings per share for the current year.

EquipmentShare.com announced that its Board of Directors has authorized a stock buyback plan on Friday, July 10th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 12.4% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at EquipmentShare.com

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

Institutional Trading of EquipmentShare.com

A number of institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue purchased a new position in EquipmentShare.com during the 3rd quarter worth $157,000. Arizona State Retirement System purchased a new stake in EquipmentShare.com in the second quarter valued at about $205,000. Chico Wealth RIA purchased a new stake in EquipmentShare.com in the second quarter valued at about $322,000. Bank of New York Mellon Corp purchased a new stake in EquipmentShare.com in the second quarter valued at about $326,000. Finally, BigSur Wealth Management LLC acquired a new stake in EquipmentShare.com in the third quarter worth about $434,000.

EquipmentShare.com Company Profile

EquipmentShare is a construction equipment rental and technology company that combines equipment, digital tools and services for contractors and other businesses. Its operations include the rental of construction equipment, equipment sales, maintenance and repair, transportation, and related support services.

The company’s technology platform, including its T3 telematics and fleet-management tools, is designed to help customers monitor equipment location, utilization, maintenance needs and operating conditions.