EquipmentShare.com (NASDAQ:EQPT) Stock Price Up 8.2% – Here’s What Happened

EquipmentShare.com Inc (NASDAQ:EQPT)’s stock price shot up 8.2% during trading on Thursday . The company traded as high as $19.10 and last traded at $18.76. Approximately 878,649 shares traded hands during trading, a decline of 58% from the average session volume of 2,101,796 shares. The stock had previously closed at $17.34.

Analysts Set New Price Targets

EQPT has been the subject of a number of research reports. BNP Paribas Exane began coverage on EquipmentShare.com in a research note on Monday, June 29th. They issued a “neutral” rating and a $22.00 price objective for the company. Citigroup increased their target price on EquipmentShare.com from $18.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Truist Financial lowered their target price on EquipmentShare.com from $41.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 2nd. Weiss Ratings downgraded EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, May 20th. Finally, Wells Fargo & Company cut their price target on shares of EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $36.33.

EquipmentShare.com Stock Performance

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 firm has a market capitalization of $4.92 billion and a P/E ratio of 149.27. The business’s 50-day moving average is $20.34.

EquipmentShare.com (NASDAQ:EQPT) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.15. The company had revenue of $989.00 million for the quarter. The business’s revenue for the quarter was up 38.1% on a year-over-year basis. Analysts forecast that EquipmentShare.com Inc will post 0.46 EPS for the current year.

EquipmentShare.com declared that its board has initiated a share buyback plan on Friday, July 10th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jabbok Schlacks bought 50,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost of $21.12 per share, with a total value of $1,056,000.00. Following the purchase, the chief executive officer directly owned 50,000 shares of the company’s stock, valued at $1,056,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director W Bryan Hill purchased 21,803 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were bought at an average price of $22.89 per share, for a total transaction of $499,070.67. Following the acquisition, the director owned 35,794 shares in the company, valued at $819,324.66. This trade represents a 155.84% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 81,803 shares of company stock valued at $1,797,271 in the last three months. 32.81% of the stock is owned by corporate insiders.

EquipmentShare.com Company Profile

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