EquipmentShare.com (NASDAQ:EQPT) Given New $17.00 Price Target at Citigroup

Key Points

• Citigroup lowered EquipmentShare.com’s price target from $22 to $17 while maintaining a neutral rating, implying 15.18% upside from the prior close.
• Analyst sentiment is mixed, with a consensus rating of Hold and an average price target of $33.78; shares recently traded at $14.76, near their 52-week low of $14.20.
• The company reported quarterly EPS of $0.18, exceeding estimates, and authorized a $500 million share repurchase program covering up to 12.4% of outstanding shares. However, insiders have sold substantially more stock than they purchased over the past 90 days.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) had its target price lowered by Citigroup from $22.00 to $17.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price target indicates a potential upside of 15.18% from the company's previous close.

Other research analysts also recently issued research reports about the stock. 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. Wells Fargo & Company reduced their price objective on EquipmentShare.com from $32.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. UBS Group reduced their price objective on EquipmentShare.com from $24.00 to $22.00 and set a "neutral" rating on the stock in a research note on Thursday, August 20th. BNP Paribas Exane initiated coverage on EquipmentShare.com in a research report on Monday, June 29th. They set a "neutral" rating and a $22.00 price objective on the stock. Finally, Weiss Ratings lowered EquipmentShare.com from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. 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 stock. According to data from MarketBeat, EquipmentShare.com has a consensus rating of "Hold" and an average target price of $33.78.

EquipmentShare.com Price Performance

NASDAQ:EQPT traded down $0.33 during trading hours on Monday, reaching $14.76. The stock had a trading volume of 3,631,970 shares, compared to its average volume of 2,466,167. The company has a debt-to-equity ratio of 3.16, a quick ratio of 1.91 and a current ratio of 2.42. EquipmentShare.com has a 52 week low of $14.20 and a 52 week high of $35.50. The company has a 50 day moving average price of $18.59 and a two-hundred day moving average price of $19.88. The stock has a market capitalization of $3.74 billion and a PE ratio of 47.61.

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 firm had revenue of $1.45 billion for the quarter. As a group, sell-side analysts anticipate that EquipmentShare.com will post 0.45 earnings per share for the current fiscal year.

EquipmentShare.com declared that its board has approved a share repurchase program on Friday, July 10th that permits the company to repurchase $500.00 million in shares. This buyback authorization permits the company to reacquire up to 12.4% of its stock through open market purchases. Share buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at EquipmentShare.com

In related news, major shareholder Neil Chheda sold 1,285,402 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $20.62, for a total value of $26,504,989.24. Following the sale, the insider directly owned 40,476,688 shares of the company's stock, valued at $834,629,306.56. This represents a 3.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William Schlacks acquired 4,000 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was purchased at an average cost of $19.56 per share, with a total value of $78,240.00. Following the purchase, the insider owned 58,950 shares of the company's stock, valued at $1,153,062. The trade was a 7.28% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety 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. 32.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EQPT. Engineers Gate Manager LP bought a new stake in shares of EquipmentShare.com during the 2nd quarter worth approximately $679,000. Arizona State Retirement System purchased a new position in EquipmentShare.com during the 2nd quarter valued at $205,000. Waverly Advisors LLC bought a new position in EquipmentShare.com in the 2nd quarter valued at $2,387,000. Chico Wealth RIA bought a new position in EquipmentShare.com in the 2nd quarter valued at $322,000. Finally, Wellington Management Group LLP bought a new position in EquipmentShare.com in the 2nd quarter valued at $168,226,000.

About EquipmentShare.com

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.