EquipmentShare.com (NASDAQ:EQPT) Posts Earnings Results, Beats Estimates By $0.14 EPS

EquipmentShare.com (NASDAQ:EQPT) released its earnings results on Monday. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.14, Zacks reports. The firm had revenue of $1.47 billion during the quarter.

EquipmentShare.com Stock Down 22.5%

EQPT stock opened at $12.57 on Tuesday. The company has a 50-day moving average of $16.95 and a two-hundred day moving average of $21.01. The stock has a market capitalization of $3.18 billion and a price-to-earnings ratio of 40.84. The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91. EquipmentShare.com has a 52-week low of $13.00 and a 52-week high of $35.50.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EQPT. Robert W. Baird lowered their target price on shares of EquipmentShare.com from $35.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, October 20th. Wells Fargo & Company reduced their price target on shares of EquipmentShare.com from $25.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, October 26th. UBS Group dropped their price objective on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, August 20th. Citigroup reduced their target price on EquipmentShare.com from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, October 20th. Finally, Truist Financial decreased their price target on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a report on Monday, October 5th. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.00.

Insider Buying and Selling

In related news, insider William J. Schlacks purchased 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were acquired at an average cost of $19.56 per share, with a total value of $78,240.00. Following the completion of the purchase, the insider directly owned 58,950 shares of the company’s stock, valued at $1,153,062. This trade represents a 7.28% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Neil Chheda sold 1,285,402 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $20.62, for a total transaction of $26,504,989.24. Following the completion of the transaction, the insider owned 40,476,688 shares in the company, valued at $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 ninety days, insiders bought 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 owned by company insiders.

EquipmentShare.com announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 22nd that authorizes the company to repurchase $500 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 11.3% of its shares through open market purchases. Share buyback programs are typically a sign that the company’s management believes its shares are undervalued.

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.

EquipmentShare was founded in 2015 by brothers Willy and Jabbok Schlacks and is headquartered in Columbia, Missouri.