EquipmentShare.com (NASDAQ:EQPT) Given New $16.00 Price Target at Citigroup

Key Points

• Citigroup lowered EquipmentShare.com’s price target to $16 from $17 while maintaining a neutral rating, implying roughly 3% upside from the prior close. The broader analyst consensus is “Hold,” with an average target of $30.67.
• EQPT shares rose 11.3% to $15.53 during Tuesday trading, though they remain well below the 52-week high of $35.50. The company most recently reported quarterly EPS of $0.18, beating consensus estimates by $0.28, on $1.45 billion in revenue.
• The board authorized a $500 million share-repurchase program, covering up to 12.4% of outstanding shares. Insiders have made net purchases recently, although insiders sold more than 2.2 million shares worth $45.4 million over the past 90 days.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) had its price objective decreased by analysts at Citigroup from $17.00 to $16.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's price target would suggest a potential upside of 3.05% from the stock's previous close.

Several other analysts have also issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of EquipmentShare.com from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Weiss Ratings lowered shares of EquipmentShare.com from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. Robert W. Baird dropped 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. Truist Financial reduced their price target on shares of EquipmentShare.com from $35.00 to $31.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Finally, Citizens Jmp restated a "market outperform" rating and issued a $42.00 price objective on shares of EquipmentShare.com in a report on Monday, June 22nd. Six 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, the stock has an average rating of "Hold" and a consensus target price of $30.67.

EquipmentShare.com Trading Up 11.3%

EQPT stock traded up $1.58 during midday trading on Tuesday, hitting $15.53. 2,374,589 shares of the company's stock were exchanged, compared to its average volume of 2,502,008. The business has a 50-day simple moving average of $17.89 and a two-hundred day simple moving average of $19.63. 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 stock has a market capitalization of $3.93 billion and a PE ratio of 50.08. EquipmentShare.com has a 1-year low of $13.00 and a 1-year high of $35.50.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.28. The business had revenue of $1.45 billion during the quarter. On average, sell-side analysts predict that EquipmentShare.com will post 0.45 EPS for the current fiscal year.

EquipmentShare.com announced that its Board of Directors has authorized a share buyback plan on Friday, July 10th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 12.4% of its shares through open market purchases. Share repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Activity at EquipmentShare.com

In other news, CEO Jabbok Schlacks bought 22,900 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average cost of $17.76 per share, for a total transaction of $406,704.00. Following the acquisition, the chief executive officer directly owned 125,000 shares of the company's stock, valued at $2,220,000. The trade was a 22.43% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William J. Schlacks bought 2,000 shares of the company's stock in a transaction on Friday, August 21st. The stock was 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 in the company, 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. In the last 90 days, insiders have bought 85,950 shares of company stock worth $1,537,422 and have sold 2,201,032 shares worth $45,393,501. Company insiders own 32.81% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new stake in EquipmentShare.com during the 2nd quarter worth approximately $168,226,000. Waverly Advisors LLC purchased a new position in EquipmentShare.com in the 2nd quarter valued at approximately $2,387,000. Engineers Gate Manager LP purchased a new position in EquipmentShare.com in the 2nd quarter valued at approximately $679,000. BigSur Wealth Management LLC acquired a new position in shares of EquipmentShare.com in the third quarter worth $434,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of EquipmentShare.com in the second quarter worth $326,000.

About EquipmentShare.com

EquipmentShare is a construction equipment rental and technology company that combines equipment, digital tools and services for contractors and other businesses. Its operations include the rental of construction equipment, equipment sales, maintenance and repair, transportation, and related support services.

The company's technology platform, including its T3 telematics and fleet-management tools, is designed to help customers monitor equipment location, utilization, maintenance needs and operating conditions.

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