EquipmentShare.com (NASDAQ:EQPT) Shares Gap Up – What’s Next?

EquipmentShare.com Inc (NASDAQ:EQPT)’s share price gapped up prior to trading on Monday. The stock had previously closed at $13.59, but opened at $14.73. EquipmentShare.com shares last traded at $14.5170, with a volume of 738,845 shares.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EQPT. Citizens Jmp reaffirmed a “market outperform” rating and issued a $42.00 price target on shares of EquipmentShare.com in a report on Monday, June 22nd. Truist Financial reduced their price objective on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a research note on Monday, October 5th. BNP Paribas Exane began coverage on EquipmentShare.com in a research note on Monday, June 29th. They set a “neutral” rating and a $22.00 price objective for the company. Weiss Ratings cut EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. Finally, Wells Fargo & Company cut their target price on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, EquipmentShare.com presently has an average rating of “Hold” and an average price target of $33.78.

EquipmentShare.com Trading Up 6.0%

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 firm has a market cap of $3.65 billion and a PE ratio of 46.09. The company’s 50-day moving average is $18.01 and its 200 day moving average is $19.67.

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

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

Insider Transactions at EquipmentShare.com

In other EquipmentShare.com news, insider William J. Schlacks purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average cost of $18.64 per share, with a total value of $37,280.00. Following the completion of the transaction, the insider owned 60,950 shares of the company’s stock, valued at approximately $1,136,108. This represents a 3.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 completion of the sale, the insider directly owned 40,476,688 shares of the company’s stock, valued at approximately $834,629,306.56. This represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders acquired 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On EquipmentShare.com

Large investors have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new stake in shares of EquipmentShare.com in the second quarter worth approximately $168,226,000. Waverly Advisors LLC acquired a new stake in shares of EquipmentShare.com during the second quarter worth approximately $2,387,000. Engineers Gate Manager LP purchased a new position in EquipmentShare.com during the second quarter valued at approximately $679,000. BigSur Wealth Management LLC purchased a new position in EquipmentShare.com during the third quarter valued at approximately $434,000. Finally, Bank of New York Mellon Corp purchased a new position in EquipmentShare.com during 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.