Share Repurchase Plan Declared by EquipmentShare.com (NASDAQ:EQPT) Board

EquipmentShare.com (NASDAQ:EQPT) declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 22nd, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

EquipmentShare.com Price Performance

Shares of EquipmentShare.com stock opened at $19.38 on Friday. The firm has a market capitalization of $4.89 billion and a PE ratio of 149.08. The firm’s 50 day moving average price is $20.14. EquipmentShare.com has a 12 month low of $15.71 and a 12 month high of $35.50. The company has a quick ratio of 1.90, a current ratio of 2.47 and a debt-to-equity ratio of 2.71.

EquipmentShare.com (NASDAQ:EQPT) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.15. The firm had revenue of $989.00 million for the quarter. EquipmentShare.com’s revenue was up 38.1% compared to the same quarter last year. As a group, research analysts anticipate that EquipmentShare.com will post 0.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on EQPT shares. Citigroup lifted their target price on shares of EquipmentShare.com from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Truist Financial cut their price objective on shares of EquipmentShare.com from $41.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 2nd. Wells Fargo & Company decreased their price objective on shares of EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. BNP Paribas Exane assumed coverage on EquipmentShare.com in a research report on Monday, June 29th. They set a “neutral” rating and a $22.00 target price on the stock. Finally, Weiss Ratings lowered EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.33.

Key Headlines Impacting EquipmentShare.com

Here are the key news stories impacting EquipmentShare.com this week:

• Positive Sentiment: EquipmentShare’s board authorized a $500 million share buyback program, covering up to 11.3% of the company’s stock, which can signal management believes the shares are undervalued and may support the stock price. Share Repurchase Plan Initiated by EquipmentShare.com (NASDAQ:EQPT)
• Neutral Sentiment: Reports noted unusually large options volume and an unusual short-interest update, but the short-interest data showed 0 shares and did not provide a clear fundamental catalyst for the stock. EquipmentShare.com Sees Unusually Large Options Volume (NASDAQ:EQPT)
• Negative Sentiment: A shareholder class action lawsuit was filed alleging EquipmentShare made false and misleading statements and failed to disclose material adverse facts, including undisclosed related-party transactions and misleading financial statements. EQPT INVESTOR ALERT: Class Action Lawsuit Filed on Behalf of EquipmentShare.com, Inc. Investors
• Negative Sentiment: Multiple law firms issued alerts and reminders about the class action deadline, increasing investor focus on litigation risk and potential legal costs. EQPT INVESTOR ALERT: EquipmentShare.com, Inc. Investors with Substantial Losses Have Opportunity to Lead the EquipmentShare.com Class Action Lawsuit

Insider Activity

In other EquipmentShare.com news, Director W Bryan Hill acquired 21,803 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was 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 approximately $819,324.66. The trade was a 155.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Naveen Bhatia bought 10,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $24.22 per share, for a total transaction of $242,200.00. Following the completion of the purchase, the director directly owned 312,000 shares in the company, valued at approximately $7,556,640. This represents a 3.31% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 81,803 shares of company stock worth $1,797,271 over the last three months. Insiders own 32.81% of the company’s stock.

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.