EquipmentShare.com (NASDAQ:EQPT) Stock Price Target Lowered at Wells Fargo & Company

EquipmentShare.com (NASDAQ:EQPT) had its price objective reduced by investment analysts at Wells Fargo & Company from $25.00 to $19.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 17.01% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. Truist Financial reduced their price target on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a research report on Monday, October 5th. UBS Group reduced their price objective on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, August 20th. Robert W. Baird lowered their price objective on EquipmentShare.com from $35.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, October 20th. BNP Paribas Exane started coverage on shares of EquipmentShare.com in a research report on Monday, June 29th. They set a “neutral” rating and a $22.00 price target on the stock. Finally, Citigroup dropped their target price on shares of EquipmentShare.com from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, October 20th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, EquipmentShare.com has an average rating of “Hold” and a consensus target price of $30.00.

EquipmentShare.com Stock Performance

NASDAQ:EQPT opened at $16.24 on Monday. EquipmentShare.com has a fifty-two week low of $13.00 and a fifty-two week high of $35.50. The company has a debt-to-equity ratio of 3.16, a quick ratio of 1.91 and a current ratio of 2.42. The company has a 50 day simple moving average of $17.54 and a two-hundred day simple moving average of $19.51. The company has a market capitalization of $4.11 billion and a PE ratio of 52.26.

EquipmentShare.com (NASDAQ:EQPT) last issued its quarterly earnings data 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 business had revenue of $1.45 billion for the quarter. Research analysts anticipate that EquipmentShare.com will post 0.45 earnings per share for the current year.

EquipmentShare.com declared that its Board of Directors has initiated a stock buyback program on Friday, July 10th that allows the company to repurchase $500.00 million in shares. This buyback authorization allows the company to reacquire up to 12.4% of its shares through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other EquipmentShare.com news, major shareholder Neil Chheda sold 1,285,402 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $20.62, for a total value of $26,504,989.24. Following the sale, the insider owned 40,476,688 shares of the company’s stock, valued at $834,629,306.56. The trade was a 3.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William J. Schlacks acquired 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was bought at an average price of $19.56 per share, with a total value of $78,240.00. Following the transaction, the insider directly owned 58,950 shares in the company, valued at $1,153,062. The trade was a 7.28% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. Company insiders own 32.81% of the company’s stock.

Hedge Funds Weigh In On EquipmentShare.com

Large investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in EquipmentShare.com during the third quarter worth approximately $157,000. Arizona State Retirement System bought a new stake in shares of EquipmentShare.com during the second quarter worth $205,000. Chico Wealth RIA bought a new position in EquipmentShare.com in the 2nd quarter valued at approximately $322,000. Bank of New York Mellon Corp bought a new position in EquipmentShare.com during the 2nd quarter worth approximately $326,000. Finally, BigSur Wealth Management LLC bought a new position in shares of EquipmentShare.com in the 3rd quarter worth about $434,000.

About EquipmentShare.com

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.