EquipmentShare.com (NASDAQ:EQPT) Approves Share Repurchase Program

Key Points

• EquipmentShare.com approved a new stock repurchase program worth $500 million, which could allow it to buy back up to 12.4% of its shares. Buybacks are often seen as a signal that management believes the stock is undervalued.
• The stock jumped 16.6% to $18.65 on Friday, with trading volume well above average. The company’s market cap is about $4.71 billion.
• EquipmentShare.com recently reported better-than-expected quarterly earnings, posting an EPS loss of ($0.11) versus the expected ($0.26), while revenue rose 38.1% year over year to $989 million.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) declared that its board has initiated a stock buyback plan on Friday, July 10th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 12.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

EquipmentShare.com Trading Up 16.6%

NASDAQ EQPT traded up $2.65 on Friday, reaching $18.65. 7,209,465 shares of the stock were exchanged, compared to its average volume of 2,445,108. The company has a debt-to-equity ratio of 2.71, a current ratio of 2.47 and a quick ratio of 1.90. EquipmentShare.com has a one year low of $15.95 and a one year high of $35.50. The firm has a market cap of $4.71 billion and a price-to-earnings ratio of 143.46. The firm's 50-day moving average price is $21.15.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.15. The business had revenue of $989.00 million during the quarter. The company's quarterly revenue was up 38.1% compared to the same quarter last year. Sell-side analysts forecast that EquipmentShare.com will post 0.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

EQPT has been the topic of several research analyst reports. Citigroup lowered their target price on shares of EquipmentShare.com from $26.00 to $20.00 and set a "neutral" rating on the stock in a research note on Wednesday. Citizens Jmp reissued a "market outperform" rating and set a $42.00 price target on shares of EquipmentShare.com in a report on Monday, June 22nd. Robert W. Baird lowered their price objective on shares of EquipmentShare.com from $63.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, March 20th. Wall Street Zen upgraded shares of EquipmentShare.com from a "sell" rating to a "hold" rating in a research report on Saturday, March 14th. Finally, BNP Paribas Exane started coverage on shares of EquipmentShare.com in a research report on Monday, June 29th. They set a "neutral" rating and a $22.00 target price for the company. 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. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $37.22.

Insider Buying and Selling at EquipmentShare.com

In related news, Director Naveen Bhatia acquired 10,000 shares of EquipmentShare.com stock in a transaction on Friday, May 15th. The shares were bought at an average cost of $24.22 per share, with a total value of $242,200.00. Following the completion of the purchase, the director directly owned 312,000 shares of the company's stock, valued at $7,556,640. The trade was a 3.31% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director W Bryan Hill acquired 21,803 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were bought at an average price of $22.89 per share, for a total transaction of $499,070.67. Following the completion of the transaction, the director owned 35,794 shares of the company's stock, valued at approximately $819,324.66. This trade represents a 155.84% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 81,803 shares of company stock worth $1,797,271 in the last quarter.

About EquipmentShare.com

EquipmentShare.com Inc provides integrated, full-service construction solutions across equipment rental, sales and technology. EquipmentShare.com Inc is based in Columbia, Missouri.

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