Wells Fargo & Company Issues Pessimistic Forecast for EquipmentShare.com (NASDAQ:EQPT) Stock Price

Key Points

• Wells Fargo cut its EQPT price target from $19 to $17 but maintained an Overweight rating; analysts overall have a consensus Hold rating and a $29.78 average target.
• EquipmentShare.com reported quarterly EPS of $0.16, beating the $0.02 consensus estimate, on revenue of $1.47 billion. Shares rose 7.8% on Wednesday to $14.59.
• The company’s board authorized a $500 million share buyback, allowing repurchases of up to 11.3% of outstanding shares.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) had its price target lowered by analysts at Wells Fargo & Company from $19.00 to $17.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 16.51% from the company's previous close.

Other equities analysts have also issued reports about the company. Weiss Ratings lowered EquipmentShare.com from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, September 25th. Citigroup decreased their target price on shares of EquipmentShare.com from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Tuesday, October 20th. Truist Financial lowered their price target on shares of EquipmentShare.com from $35.00 to $31.00 and set a "buy" rating for the company in a report on Monday, October 5th. Robert W. Baird dropped their price target on shares of EquipmentShare.com from $35.00 to $28.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 20th. Finally, UBS Group reduced their price objective 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. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, EquipmentShare.com presently has a consensus rating of "Hold" and a consensus price target of $29.78.

EquipmentShare.com Trading Up 7.8%

NASDAQ:EQPT traded up $1.06 during trading hours on Wednesday, hitting $14.59. 736,134 shares of the company were exchanged, compared to its average volume of 2,552,839. The stock has a market capitalization of $3.70 billion and a price-to-earnings ratio of 113.35. EquipmentShare.com has a one year low of $12.41 and a one year high of $35.50. The company has a fifty day simple moving average of $16.87 and a 200 day simple moving average of $20.97. The company has a current ratio of 2.42, a quick ratio of 1.91 and a debt-to-equity ratio of 3.16.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last released its quarterly earnings results on Monday, November 9th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.14. EquipmentShare.com had a return on equity of 16.97% and a net margin of 1.37%. The firm had revenue of $1.47 billion for the quarter. Sell-side analysts expect that EquipmentShare.com will post 0.45 EPS for the current fiscal year.

EquipmentShare.com announced that its board has approved a stock repurchase program on Wednesday, July 22nd that allows the company to repurchase $500 million in outstanding shares. This buyback authorization allows the company to purchase up to 11.3% of its shares through open market purchases. Share buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at EquipmentShare.com

In other EquipmentShare.com 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 stock was sold at an average price of $20.62, for a total value of $26,504,989.24. Following the transaction, the insider directly owned 40,476,688 shares of the company's stock, valued at approximately $834,629,306.56. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jabbok Schlacks purchased 22,900 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $17.76 per share, for a total transaction of $406,704.00. Following the completion of the acquisition, the chief executive officer directly owned 125,000 shares in the company, valued at approximately $2,220,000. This represents a 22.43% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 85,950 shares of company stock valued at $1,537,422 and have sold 2,201,032 shares valued at $45,393,501. Insiders own 32.81% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP bought a new stake in EquipmentShare.com in the second quarter valued at $168,226,000. Waverly Advisors LLC bought a new position in shares of EquipmentShare.com during the 2nd quarter worth about $2,387,000. Canvas Wealth Advisors LLC boosted its position in shares of EquipmentShare.com by 22.9% during the 3rd quarter. Canvas Wealth Advisors LLC now owns 117,256 shares of the company's stock worth $2,132,000 after purchasing an additional 21,846 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of EquipmentShare.com by 318.2% during the 3rd 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 in the last quarter. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of EquipmentShare.com in the 3rd quarter valued at about $611,000.

About EquipmentShare.com

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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