EquipmentShare.com (NASDAQ:EQPT) Shares Down 7.5% – Here’s Why

EquipmentShare.com Inc (NASDAQ:EQPT) shares were down 7.5% during mid-day trading on Thursday. The stock traded as low as $16.84 and last traded at $16.7190. 2,607,475 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 2,306,608 shares. The stock had previously closed at $18.08.

Analysts Set New Price Targets

A number of brokerages have weighed in on EQPT. BNP Paribas Exane started coverage on EquipmentShare.com in a report on Monday, June 29th. They issued a “neutral” rating and a $22.00 price objective on the stock. Citigroup lifted their price target on shares of EquipmentShare.com from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, August 17th. Wells Fargo & Company dropped their price objective on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, July 14th. Citizens Jmp restated a “market outperform” rating and set a $42.00 target price on shares of EquipmentShare.com in a report on Monday, June 22nd. Finally, UBS Group reduced their target price 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. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $34.78.

EquipmentShare.com Price Performance

The company has a market capitalization of $4.40 billion and a PE ratio of 55.97. 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 company’s 50 day moving average price is $18.74 and its 200-day moving average price is $20.43.

EquipmentShare.com (NASDAQ:EQPT) last posted its earnings results 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 business had revenue of $1.45 billion for the quarter. On average, sell-side analysts forecast that EquipmentShare.com Inc will post 0.44 earnings per share for the current fiscal year.

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

Insider Transactions at EquipmentShare.com

In other EquipmentShare.com news, CEO Jabbok Schlacks purchased 22,900 shares of EquipmentShare.com stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $17.76 per share, with a total value of $406,704.00. Following the completion of the acquisition, the chief executive officer owned 125,000 shares of the company’s stock, valued at approximately $2,220,000. This trade represents a 22.43% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William Schlacks purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average cost of $18.64 per share, for a total transaction of $37,280.00. Following the completion of the acquisition, the insider directly owned 60,950 shares of the company’s stock, valued at $1,136,108. This represents a 3.39% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have acquired 85,950 shares of company stock valued at $1,537,422 and have sold 2,201,032 shares valued at $45,393,501. Corporate insiders own 32.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP bought a new stake in shares of EquipmentShare.com during the second quarter valued at about $168,226,000. Waverly Advisors LLC acquired a new stake in EquipmentShare.com in the 2nd quarter valued at about $2,387,000. Engineers Gate Manager LP acquired a new stake in EquipmentShare.com during the second quarter valued at approximately $679,000. Bank of New York Mellon Corp acquired a new position in EquipmentShare.com in the second quarter worth approximately $326,000. Finally, Chico Wealth RIA acquired a new stake in shares of EquipmentShare.com during the 2nd quarter valued at $322,000.

About EquipmentShare.com

EquipmentShare.com is a technology-enabled equipment rental and services company serving the construction and industrial sectors. The company provides access to construction equipment, including aerial lifts, earthmoving machinery, material-handling equipment, generators and other jobsite assets, through a network of locations across the United States.

Its business combines equipment rental and sales with maintenance, repair and related support services. EquipmentShare also offers technology intended to help contractors manage fleets and jobsites.