EquipmentShare.com (NASDAQ:EQPT) Board Announces Stock Repurchase Plan

Key Points

• EquipmentShare.com said its board approved a $500 million stock repurchase program, which would allow the company to buy back up to 12.4% of its shares through open-market purchases.
• Shares rose to $18.65 in Friday trading, while the stock remains well below its 52-week high of $35.50. The company has a market cap of about $4.71 billion.
• Recent results showed better-than-expected earnings, with Q1 EPS of ($0.11) versus estimates for a deeper loss, and revenue up 38.1% year over year to $989 million.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) declared that its Board of Directors has initiated a share buyback plan on Thursday, July 9th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 12.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EQPT. Truist Financial cut their target price on EquipmentShare.com from $41.00 to $38.00 and set a "buy" rating on the stock in a research note on Thursday, July 2nd. BNP Paribas Exane began coverage on EquipmentShare.com in a research report on Monday, June 29th. They issued a "neutral" rating and a $22.00 price target for the company. Wells Fargo & Company dropped their price target on shares of EquipmentShare.com from $35.00 to $32.00 and set an "overweight" rating on the stock in a research note on Monday, April 13th. Citizens Jmp reissued a "market outperform" rating and set a $42.00 price objective on shares of EquipmentShare.com in a research report on Monday, June 22nd. Finally, Weiss Ratings lowered shares of EquipmentShare.com from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, EquipmentShare.com currently has an average rating of "Hold" and a consensus target price of $37.22.

EquipmentShare.com Price Performance

NASDAQ EQPT traded up $2.65 during mid-day trading on Friday, reaching $18.65. The stock had a trading volume of 7,209,465 shares, compared to its average volume of 2,445,108. The firm has a market cap of $4.71 billion and a PE ratio of 143.46. EquipmentShare.com has a 1 year low of $15.95 and a 1 year high of $35.50. The company has a current ratio of 2.47, a quick ratio of 1.90 and a debt-to-equity ratio of 2.71. The business's fifty day moving average price is $21.15.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last posted its earnings results on Wednesday, May 13th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.26) by $0.15. The business had revenue of $989.00 million during the quarter. EquipmentShare.com's revenue for the quarter was up 38.1% on a year-over-year basis. As a group, equities research analysts expect that EquipmentShare.com will post 0.46 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Naveen Bhatia purchased 10,000 shares of EquipmentShare.com stock in a transaction dated Friday, May 15th. The stock was purchased at an average cost of $24.22 per share, for a total transaction 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 purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jabbok Schlacks purchased 50,000 shares of EquipmentShare.com stock in a transaction dated Monday, June 15th. The stock was bought at an average price of $21.12 per share, with a total value of $1,056,000.00. Following the completion of the purchase, the chief executive officer directly owned 50,000 shares of the company's stock, valued at approximately $1,056,000. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 81,803 shares of company stock valued at $1,797,271.

EquipmentShare.com Company Profile

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

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.