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

EquipmentShare.com Inc (NASDAQ:EQPT) shares gapped down prior to trading on Tuesday. The stock had previously closed at $16.21, but opened at $14.99. EquipmentShare.com shares last traded at $12.7320, with a volume of 990,234 shares traded.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings lowered EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. UBS Group dropped their price objective on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, August 20th. Wells Fargo & Company cut their target price on shares of EquipmentShare.com from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday. Truist Financial reduced their target price on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Finally, Robert W. Baird decreased their price target on shares of EquipmentShare.com from $35.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, October 20th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, EquipmentShare.com has an average rating of “Hold” and a consensus price target of $29.78.

EquipmentShare.com Stock 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 stock has a fifty day simple moving average of $16.85 and a two-hundred day simple moving average of $20.94. The firm has a market capitalization of $4.05 billion and a P/E ratio of 123.01.

EquipmentShare.com (NASDAQ:EQPT) last posted its quarterly earnings results on Monday, November 9th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.14. The firm had revenue of $1.47 billion for the quarter. EquipmentShare.com had a return on equity of 16.97% and a net margin of 1.37%. On average, research analysts predict that EquipmentShare.com Inc will post 0.45 EPS for the current year.

EquipmentShare.com declared that its board has initiated a share buyback plan on Wednesday, July 22nd that authorizes the company to buy back $500 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 11.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at EquipmentShare.com

In related news, CEO Jabbok Schlacks bought 22,900 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired at an average cost of $17.76 per share, with a total value of $406,704.00. Following the completion of the purchase, the chief executive officer directly owned 125,000 shares in the company, valued at $2,220,000. The trade was a 22.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Neil Chheda sold 1,285,402 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $20.62, for a total transaction of $26,504,989.24. Following the completion of the sale, the insider owned 40,476,688 shares of the company’s stock, valued at $834,629,306.56. The trade was a 3.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have purchased 85,950 shares of company stock worth $1,537,422 and have sold 2,201,032 shares worth $45,393,501. 32.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EquipmentShare.com

A number of institutional investors and hedge funds have recently made changes to their positions in EQPT. Parallel Advisors LLC grew its stake in shares of EquipmentShare.com by 23,621.2% in the 3rd quarter. Parallel Advisors LLC now owns 7,828 shares of the company’s stock valued at $136,000 after buying an additional 7,795 shares during the period. State of Alaska Department of Revenue acquired a new position in EquipmentShare.com during the 3rd quarter worth approximately $157,000. Arizona State Retirement System bought a new position in EquipmentShare.com in the second quarter worth approximately $205,000. Fulcrum Asset Management LLP bought a new position in EquipmentShare.com in the third quarter worth approximately $247,000. Finally, Chico Wealth RIA bought a new position in EquipmentShare.com in the second quarter worth approximately $322,000.

About EquipmentShare.com

EquipmentShare.com is a construction equipment rental and technology company serving contractors and other customers in the United States. Its offerings include heavy equipment, tools, aerial equipment and other machinery, along with equipment sales, parts and maintenance services. The company also provides T3, a technology platform designed to help customers manage equipment, track assets and coordinate construction operations. By combining rentals with fleet and jobsite management tools, EquipmentShare aims to support customers’ equipment needs both on and off the jobsite.