EquipmentShare.com (NASDAQ:EQPT) Stock Price Down 8.3% – Here’s Why

Shares of EquipmentShare.com Inc (NASDAQ:EQPT) fell 8.3% on Wednesday. The stock traded as low as $14.13 and last traded at $14.0980. 689,324 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 2,454,421 shares. The stock had previously closed at $15.37.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial reduced their price objective on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Citizens Jmp reaffirmed a “market outperform” rating and set a $42.00 price target on shares of EquipmentShare.com in a research note on Monday, June 22nd. UBS Group decreased their price target on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, August 20th. BNP Paribas Exane assumed coverage on EquipmentShare.com in a report on Monday, June 29th. They issued a “neutral” rating and a $22.00 price target on the stock. Finally, Citigroup lowered their price objective on EquipmentShare.com from $22.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $33.78.

EquipmentShare.com Trading Down 9.8%

The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91. The firm has a market capitalization of $3.51 billion and a price-to-earnings ratio of 44.99. The business has a 50 day moving average of $18.38 and a 200 day moving average of $19.80.

EquipmentShare.com (NASDAQ:EQPT) last posted its earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.28. The firm had revenue of $1.45 billion during the quarter. As a group, research analysts predict that EquipmentShare.com Inc will post 0.45 earnings per share for the current fiscal year.

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

Insider Activity at EquipmentShare.com

In other news, major shareholder Neil Chheda sold 1,285,402 shares of EquipmentShare.com stock in a transaction that occurred 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 directly owned 40,476,688 shares in the company, valued at $834,629,306.56. This trade represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jabbok Schlacks bought 22,900 shares of EquipmentShare.com stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired at an average price of $17.76 per share, with a total value of $406,704.00. Following the acquisition, the chief executive officer directly owned 125,000 shares of the company’s stock, valued at $2,220,000. The trade was a 22.43% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 85,950 shares of company stock valued at $1,537,422 and have sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is owned by insiders.

Hedge Funds Weigh In On EquipmentShare.com

A number of large investors have recently modified their holdings of the business. Wellington Management Group LLP bought a new position in shares of EquipmentShare.com in the 2nd quarter valued at about $168,226,000. Waverly Advisors LLC acquired a new position in EquipmentShare.com during the second quarter valued at approximately $2,387,000. Engineers Gate Manager LP bought a new position in EquipmentShare.com in the second quarter valued at approximately $679,000. BigSur Wealth Management LLC bought a new position in EquipmentShare.com in the third quarter valued at approximately $434,000. Finally, Bank of New York Mellon Corp bought a new position in EquipmentShare.com in the second quarter valued at approximately $326,000.

EquipmentShare.com Company Profile

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.