Raymond James Financial Cuts Element Fleet Management (TSE:EFN) Price Target to C$32.00

Key Points

• Raymond James cut Element Fleet Management’s price target from C$42 to C$32 while maintaining an “outperform” rating, implying approximately 45% upside from the stock’s C$22.02 price.
• Shares have declined substantially, trading near their C$21.80 12-month low and below both their 50-day and 200-day moving averages.
• Element reported quarterly revenue of C$451.94 million and earnings of C$0.48 per share; one insider sold 90,855 shares, while another purchased 2,343 shares.

Element Fleet Management (TSE:EFN - Get Free Report) had its price target reduced by investment analysts at Raymond James Financial from C$42.00 to C$32.00 in a research report issued on Tuesday, BayStreet reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Raymond James Financial's price objective would suggest a potential upside of 45.32% from the stock's current price.

Element Fleet Management Price Performance

Shares of Element Fleet Management stock traded down C$0.30 on Tuesday, hitting C$22.02. 642,257 shares of the company traded hands, compared to its average volume of 1,060,553. Element Fleet Management has a 12-month low of C$21.80 and a 12-month high of C$38.26. The company has a current ratio of -1,179.03, a quick ratio of 5.70 and a debt-to-equity ratio of 357.23. The company has a market cap of C$8.62 billion, a P/E ratio of 29.76, a P/E/G ratio of 2.97 and a beta of 0.60. The firm's 50-day simple moving average is C$26.73 and its 200 day simple moving average is C$28.58.

Element Fleet Management (TSE:EFN - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported C$0.48 EPS for the quarter. Element Fleet Management had a return on equity of 10.57% and a net margin of 12.17%.The business had revenue of C$451.94 million for the quarter. Analysts expect that Element Fleet Management will post 1.6884016 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jacob Eisenberg sold 90,855 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of C$26.26, for a total value of C$2,385,852.30. Following the completion of the sale, the insider directly owned 64,897 shares in the company, valued at approximately C$1,704,195.22. The trade was a 58.33% decrease in their position. Also, insider Jose Manuel Tamayo acquired 2,343 shares of the business's stock in a transaction dated Wednesday, September 16th. The stock was acquired at an average cost of C$24.75 per share, with a total value of C$57,989.25. Following the purchase, the insider directly owned 3,844 shares in the company, valued at C$95,139. This represents a 156.10% increase in their position. Insiders own 0.26% of the company's stock.

Element Fleet Management Company Profile

Element Fleet Management TSX: EFN is the largest publicly traded pure play automotive fleet manager in the world and a global leader in intelligent fleet and mobility solutions. Guided by our Purpose to Move the world through intelligent mobility, we help clients manage the vehicles, data, technology, and decisions that keep their businesses moving. Fleet is our foundation, and intelligent mobility is how we lead. By combining deep fleet expertise with connected technologies, data driven intelligence, and strategic partnerships, Element helps clients lower total cost of ownership, improve uptime and driver experience, and build more resilient operations.

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