EquipmentShare.com (NASDAQ:EQPT) Shares Gap Up Following Insider Buying Activity

EquipmentShare.com Inc (NASDAQ:EQPT)’s stock price gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $15.43, but opened at $16.41. EquipmentShare.com shares last traded at $15.9720, with a volume of 214,115 shares trading hands.

Specifically, Director W Hill bought 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 11th. The shares were purchased at an average cost of $13.85 per share, for a total transaction of $554,000.00. Following the completion of the purchase, the director owned 82,451 shares of the company’s stock, valued at approximately $1,141,946.35. This represents a 94.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jabbok Schlacks bought 16,212 shares of EquipmentShare.com stock in a transaction that occurred on Wednesday, November 11th. The stock was purchased at an average cost of $15.42 per share, for a total transaction of $249,989.04. Following the acquisition, the chief executive officer owned 141,212 shares of the company’s stock, valued at $2,177,489.04. This represents a 12.97% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Weiss Ratings downgraded shares of EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, September 25th. Truist Financial dropped their price objective on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. UBS Group dropped their price objective on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, August 20th. Citigroup reduced their price objective on shares of EquipmentShare.com from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, October 20th. Finally, Robert W. Baird decreased their price objective 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 equities research 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.com, the stock has an average rating of “Hold” and an average target price of $29.78.

EquipmentShare.com Trading Up 0.3%

The firm has a market capitalization of $3.92 billion and a price-to-earnings ratio of 119.52. The company has a debt-to-equity ratio of 3.56, a quick ratio of 1.91 and a current ratio of 2.45. The company has a 50-day moving average price of $16.80 and a 200-day moving average price of $20.92.

EquipmentShare.com (NASDAQ:EQPT) last issued its earnings results on Monday, November 9th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.14. EquipmentShare.com had a return on equity of 15.10% and a net margin of 1.37%. The business had revenue of $1.47 billion for the quarter. As a group, research analysts forecast that EquipmentShare.com Inc will post 0.49 EPS for the current fiscal year.

EquipmentShare.com declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 22nd that allows the company to repurchase $500 million in shares. This repurchase authorization allows the company to repurchase up to 11.3% of its shares through open market purchases. Share repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On EquipmentShare.com

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP purchased a new position in EquipmentShare.com in the second quarter valued at approximately $168,226,000. State Street Corp lifted its position in shares of EquipmentShare.com by 80.1% during the 3rd quarter. State Street Corp now owns 702,243 shares of the company’s stock worth $12,198,000 after buying an additional 312,313 shares during the last quarter. Waverly Advisors LLC purchased a new stake in shares of EquipmentShare.com during the 2nd quarter worth approximately $2,387,000. Canvas Wealth Advisors LLC boosted its holdings in shares of EquipmentShare.com by 22.9% in the 3rd quarter. Canvas Wealth Advisors LLC now owns 117,256 shares of the company’s stock valued at $2,132,000 after buying an additional 21,846 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in shares of EquipmentShare.com by 318.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 83,049 shares of the company’s stock valued at $1,443,000 after buying an additional 63,191 shares in the last quarter.

EquipmentShare.com Company Profile

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.