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

EquipmentShare.com (NASDAQ:EQPT) had its price target trimmed by Wells Fargo & Company from $19.00 to $17.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the stock. UBS Group reduced their price objective on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, August 20th. Weiss Ratings downgraded shares of EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Citigroup cut their target price on shares of EquipmentShare.com from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 20th. 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 note on Tuesday, October 20th. Finally, Truist Financial reduced their price target on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $29.78.

EquipmentShare.com Stock Performance

EquipmentShare.com stock opened at $15.99 on Wednesday. EquipmentShare.com has a 52 week low of $12.41 and a 52 week high of $35.50. 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 stock has a market cap of $4.05 billion and a P/E ratio of 123.01. The stock has a 50 day moving average of $16.85 and a 200-day moving average of $20.94.

EquipmentShare.com (NASDAQ:EQPT) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.14. The business had revenue of $1.47 billion during the quarter. EquipmentShare.com had a net margin of 1.37% and a return on equity of 16.97%. On average, analysts expect that EquipmentShare.com will post 0.45 EPS for the current fiscal year.

EquipmentShare.com announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 22nd that permits the company to repurchase $500 million in shares. This repurchase authorization permits the company to purchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider William J. Schlacks acquired 2,000 shares of EquipmentShare.com stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average cost of $18.64 per share, for a total transaction of $37,280.00. Following the completion of the purchase, the insider directly owned 60,950 shares of the company’s stock, valued at $1,136,108. This trade represents a 3.39% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jabbok Schlacks acquired 22,900 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average cost of $17.76 per share, with a total value of $406,704.00. Following 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 SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 85,950 shares of company stock worth $1,537,422 and sold 2,201,032 shares worth $45,393,501. Company insiders own 32.81% of the company’s stock.

Institutional Trading of EquipmentShare.com

Several institutional investors have recently added to or reduced their stakes in EQPT. Teachers Retirement System of The State of Kentucky lifted its position in shares of EquipmentShare.com by 318.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 83,049 shares of the company’s stock worth $1,443,000 after buying an additional 63,191 shares during the last quarter. Optas LLC bought a new stake in shares of EquipmentShare.com during the 3rd quarter valued at about $402,000. Fulcrum Asset Management LLP bought a new stake in shares of EquipmentShare.com during the 3rd quarter valued at about $247,000. Brighton Jones LLC bought a new stake in shares of EquipmentShare.com during the 3rd quarter valued at about $304,000. Finally, Parallel Advisors LLC raised its stake in EquipmentShare.com by 23,621.2% during the third quarter. Parallel Advisors LLC now owns 7,828 shares of the company’s stock worth $136,000 after acquiring an additional 7,795 shares during the period.

About EquipmentShare.com

EquipmentShare.com is a construction equipment rental and technology company serving contractors and other customers in the United States. Its offerings include heavy equipment, tools, aerial equipment and other machinery, along with equipment sales, parts and maintenance services. The company also provides T3, a technology platform designed to help customers manage equipment, track assets and coordinate construction operations. By combining rentals with fleet and jobsite management tools, EquipmentShare aims to support customers’ equipment needs both on and off the jobsite.