EquipmentShare.com (NASDAQ:EQPT) Stock Price Up 7.2% – Still a Buy?

Shares of EquipmentShare.com Inc (NASDAQ:EQPT) traded up 7.2% on Tuesday. The stock traded as high as $17.18 and last traded at $17.4330. Approximately 454,155 shares changed hands during trading, a decline of 82% from the average daily volume of 2,497,085 shares. The stock had previously closed at $16.26.

Analysts Set New Price Targets

A number of equities analysts have commented on EQPT shares. UBS Group lowered their price objective on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, August 20th. Wells Fargo & Company reduced their target price on EquipmentShare.com from $25.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday. Robert W. Baird decreased their price target on EquipmentShare.com from $35.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 20th. Weiss Ratings downgraded EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. Finally, BNP Paribas Exane initiated coverage on shares of EquipmentShare.com in a research report on Monday, June 29th. They set a “neutral” rating and a $22.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $30.00.

EquipmentShare.com Price Performance

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 $4.62 billion and a P/E ratio of 58.79. The company has a fifty day moving average of $17.56 and a 200 day moving average of $21.30.

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

EquipmentShare.com declared that its Board of Directors has approved a share repurchase plan on Friday, July 10th that permits the company to buy back $500 million in outstanding shares. This buyback authorization permits the company to repurchase up to 12.4% of its stock through open market purchases. Share buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other EquipmentShare.com news, CEO Jabbok Schlacks acquired 22,900 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was bought 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 in the company, valued at approximately $2,220,000. This represents a 22.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Neil Chheda sold 1,285,402 shares of the stock in a transaction dated Tuesday, August 18th. The stock was 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 position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders acquired 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 Investors Weigh In On EquipmentShare.com

Several hedge funds have recently added to or reduced their stakes in EQPT. State of Alaska Department of Revenue purchased a new stake in EquipmentShare.com in the third quarter worth approximately $157,000. Arizona State Retirement System purchased a new stake in shares of EquipmentShare.com in 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 stake in EquipmentShare.com in the 2nd quarter worth approximately $326,000. Finally, BigSur Wealth Management LLC purchased a new position in EquipmentShare.com in the third 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.