EquipmentShare.com (NASDAQ:EQPT) Price Target Raised to $17.00

Key Points

• Citigroup raised its price target on EquipmentShare.com from $16 to $17, maintaining a neutral rating; the new target implies 10.25% upside from the prior close.
• Analyst views remain mixed: the consensus rating is Hold, with an average price target of $29.89, despite several firms recently cutting their targets.
• The company beat quarterly EPS estimates, reporting $0.16 versus $0.02 expected, and has authorized a $500 million share buyback; insiders also purchased shares recently.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) had its target price lifted by equities research analysts at Citigroup from $16.00 to $17.00 in a research report issued on Friday, Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's price target would suggest a potential upside of 10.25% from the stock's previous close.

Several other research firms have also recently weighed in on EQPT. Robert W. Baird cut their target price on EquipmentShare.com from $35.00 to $28.00 and set an "outperform" rating for the company in a research note on Tuesday, October 20th. Truist Financial decreased their price target on EquipmentShare.com from $35.00 to $31.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Wells Fargo & Company lowered their price target on EquipmentShare.com from $19.00 to $17.00 and set an "overweight" rating for the company in a report on Wednesday. UBS Group dropped their price objective on EquipmentShare.com from $24.00 to $22.00 and set a "neutral" rating for the company in a research report on Thursday, August 20th. Finally, Weiss Ratings downgraded EquipmentShare.com from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, September 25th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $29.89.

EquipmentShare.com Price Performance

EQPT traded down $0.01 on Friday, hitting $15.42. 2,261,862 shares of the stock were exchanged, compared to its average volume of 2,582,738. EquipmentShare.com has a 12 month low of $12.41 and a 12 month high of $35.50. The business has a 50-day moving average of $16.80 and a two-hundred day moving average of $20.92. The company has a debt-to-equity ratio of 3.56, a current ratio of 2.45 and a quick ratio of 1.91. The firm has a market capitalization of $3.91 billion and a price-to-earnings ratio of 118.62.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last announced its quarterly earnings data 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 net margin of 1.37% and a return on equity of 15.10%. Sell-side analysts forecast that EquipmentShare.com will post 0.49 EPS for the current fiscal year.

EquipmentShare.com declared that its board has initiated a share buyback program on Wednesday, July 22nd that authorizes the company to repurchase $500 million in shares. This buyback authorization authorizes the company to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at EquipmentShare.com

In related news, Director W Hill bought 40,000 shares of the business's stock in a transaction on Wednesday, November 11th. The shares were purchased at an average price of $13.85 per share, for a total transaction of $554,000.00. Following the completion of the transaction, the director directly owned 82,451 shares of the company's stock, valued at approximately $1,141,946.35. This represents a 94.23% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jabbok Schlacks bought 22,900 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were bought at an average cost of $17.76 per share, for a total transaction of $406,704.00. Following the purchase, the chief executive officer owned 125,000 shares of the company's stock, valued at approximately $2,220,000. The trade was a 22.43% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 140,312 shares of company stock worth $2,302,912 in the last 90 days. 32.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EquipmentShare.com

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP acquired a new position in EquipmentShare.com in the 2nd quarter worth about $168,226,000. State Street Corp raised its position in EquipmentShare.com by 80.1% in the third quarter. State Street Corp now owns 702,243 shares of the company's stock valued at $12,198,000 after purchasing an additional 312,313 shares during the last quarter. Waverly Advisors LLC acquired a new stake in shares of EquipmentShare.com during the second quarter valued at about $2,387,000. Canvas Wealth Advisors LLC boosted its stake in shares of EquipmentShare.com by 22.9% during the third quarter. Canvas Wealth Advisors LLC now owns 117,256 shares of the company's stock valued at $2,132,000 after purchasing an additional 21,846 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of EquipmentShare.com by 318.2% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 83,049 shares of the company's stock worth $1,443,000 after purchasing an additional 63,191 shares during 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.

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