EquipmentShare.com (NASDAQ:EQPT) Given New $22.00 Price Target at Citigroup

Key Points

• Citigroup raised EquipmentShare.com’s price target from $19 to $22 while maintaining a “neutral” rating, implying 9.86% upside from the prior close.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $36.67, despite six Buy ratings, five Holds, and one Sell rating.
• EquipmentShare.com reported quarterly EPS of $0.18, beating estimates by $0.28, and approved a $500 million share-repurchase program covering up to 12.4% of outstanding shares.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) had its price target raised by analysts at Citigroup from $19.00 to $22.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's target price points to a potential upside of 9.86% from the company's previous close.

A number of other equities research analysts have also recently commented on EQPT. Citizens Jmp reissued a "market outperform" rating and issued a $42.00 target price on shares of EquipmentShare.com in a research note on Monday, June 22nd. BNP Paribas Exane started coverage on EquipmentShare.com in a research note on Monday, June 29th. They issued a "neutral" rating and a $22.00 price target for the company. Truist Financial lowered their price target on EquipmentShare.com from $41.00 to $38.00 and set a "buy" rating on the stock in a report on Thursday, July 2nd. Weiss Ratings cut EquipmentShare.com from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, May 20th. Finally, Wells Fargo & Company reduced their price target on shares of EquipmentShare.com from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Tuesday, July 14th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $36.67.

EquipmentShare.com Stock Down 2.9%

Shares of NASDAQ:EQPT traded down $0.60 during midday trading on Monday, hitting $20.02. 305,286 shares of the stock traded hands, compared to its average volume of 2,213,974. The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91. The stock's 50 day simple moving average is $19.77. The stock has a market cap of $5.05 billion and a PE ratio of 154.80. EquipmentShare.com has a one year low of $15.71 and a one year high of $35.50.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.28. The company had revenue of $1.45 billion during the quarter. As a group, sell-side analysts forecast that EquipmentShare.com will post 0.46 earnings per share for the current year.

EquipmentShare.com declared that its board has approved a stock repurchase program on Friday, July 10th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 12.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at EquipmentShare.com

In other news, CEO Jabbok Schlacks purchased 50,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average cost of $21.12 per share, with a total value of $1,056,000.00. Following the completion of the purchase, the chief executive officer owned 50,000 shares in the company, valued at approximately $1,056,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director W Bryan Hill bought 21,803 shares of the stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $22.89 per share, with a total value of $499,070.67. Following the completion of the transaction, the director directly owned 35,794 shares in the company, valued at approximately $819,324.66. The trade was a 155.84% increase in their position. The disclosure for this purchase is available in the SEC filing. 32.81% of the stock is owned by insiders.

Hedge Funds Weigh In On EquipmentShare.com

An institutional investor recently bought a new stake in EquipmentShare.com stock. Bank of New York Mellon Corp bought a new stake in shares of EquipmentShare.com Inc (NASDAQ:EQPT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 16,605 shares of the company's stock, valued at approximately $326,000.

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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