Wells Fargo & Company Has Lowered Expectations for EquipmentShare.com (NASDAQ:EQPT) Stock Price

Key Points

• Wells Fargo lowered its EquipmentShare.com price target from $25 to $19 while maintaining an “overweight” rating, implying about 17% upside from the stock’s $16.24 price. Other analysts have also reduced targets, and the broader analyst consensus is “Hold.”
• EquipmentShare.com reported quarterly EPS of $0.18, exceeding the consensus estimate of a $0.10 loss, on revenue of $1.45 billion. The company also authorized a $500 million share-repurchase program, covering up to 12.4% of outstanding shares.
• Insider activity was mixed: a major shareholder sold roughly 1.29 million shares, while CEO Jabbok Schlacks bought 22,900 shares. Over the past 90 days, insiders sold substantially more stock than they purchased.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) had its price target lowered by Wells Fargo & Company from $25.00 to $19.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 17.01% from the company's current price.

Several other brokerages have also issued reports on EQPT. UBS Group lowered their price target on shares of EquipmentShare.com from $24.00 to $22.00 and set a "neutral" rating on the stock in a research note on Thursday, August 20th. Robert W. Baird decreased their target price on EquipmentShare.com from $35.00 to $28.00 and set an "outperform" rating for the company in a research report on Tuesday, October 20th. Citigroup reduced their price objective on shares of EquipmentShare.com from $17.00 to $16.00 and set a "neutral" rating for the company in a research note on Tuesday, October 20th. BNP Paribas Exane initiated coverage on shares of EquipmentShare.com in a report on Monday, June 29th. They issued a "neutral" rating and a $22.00 target price on the stock. Finally, 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. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $30.00.

EquipmentShare.com Trading Up 1.4%

EquipmentShare.com stock opened at $16.24 on Monday. EquipmentShare.com has a 1 year low of $13.00 and a 1 year high of $35.50. The firm's 50 day moving average price is $17.54 and its two-hundred day moving average price is $19.51. The company has a debt-to-equity ratio of 3.16, a quick ratio of 1.91 and a current ratio of 2.42. The firm has a market cap of $4.11 billion and a price-to-earnings ratio of 52.26.

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

EquipmentShare.com declared that its board has approved a stock repurchase plan on Friday, July 10th that allows the company to buy back $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 12.4% of its shares through open market purchases. Share repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Neil Chheda sold 1,285,402 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 40,476,688 shares in the company, valued at approximately $834,629,306.56. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jabbok Schlacks acquired 22,900 shares of the stock in a transaction on Tuesday, September 15th. The stock was purchased at an average cost of $17.76 per share, with a total value of $406,704.00. Following the transaction, the chief executive officer directly owned 125,000 shares of the company's stock, valued at $2,220,000. This represents a 22.43% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is owned by insiders.

Institutional Investors Weigh In On EquipmentShare.com

Several hedge funds have recently bought and sold shares of EQPT. State of Alaska Department of Revenue acquired a new position in EquipmentShare.com during the third quarter valued at approximately $157,000. Arizona State Retirement System bought a new position in EquipmentShare.com in the 2nd quarter valued at $205,000. Chico Wealth RIA bought a new position in shares of EquipmentShare.com in the 2nd quarter valued at about $322,000. Bank of New York Mellon Corp acquired a new position in EquipmentShare.com during the second quarter valued at approximately $326,000. Finally, BigSur Wealth Management LLC bought a new stake in EquipmentShare.com during the 3rd quarter worth approximately $434,000.

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.

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.