EquipmentShare.com (NASDAQ:EQPT) Price Target Raised to $19.00 at Citigroup

Key Points

• Citigroup raised its price target on EquipmentShare.com to $19 from $18 while keeping a neutral rating. The new target implies about 10.6% upside from the prior close.
• The company reported better-than-expected quarterly results, with EPS of -$0.11 versus consensus of -$0.26 and revenue of $989 million, up 38.1% year over year.
• EquipmentShare.com also announced a $500 million share buyback program, and recent insider buying included purchases by the CEO and a director, signaling confidence in the stock.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) had its price objective raised by equities research analysts at Citigroup from $18.00 to $19.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's price target indicates a potential upside of 10.61% from the company's previous close.

EQPT has been the subject of a number of other research reports. Citizens Jmp reissued a "market outperform" rating and set a $42.00 target price on shares of EquipmentShare.com in a report on Monday, June 22nd. Truist Financial reduced their target price on shares of EquipmentShare.com from $41.00 to $38.00 and set a "buy" rating for the company in a research report on Thursday, July 2nd. Wells Fargo & Company decreased their price target on shares of EquipmentShare.com from $32.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday. Robert W. Baird dropped their price objective on shares of EquipmentShare.com from $63.00 to $55.00 and set an "outperform" rating for the company in a research note on Friday, March 20th. Finally, BNP Paribas Exane began coverage on shares of EquipmentShare.com in a research note on Monday, June 29th. They issued a "neutral" rating and a $22.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $36.33.

EquipmentShare.com Price Performance

EQPT stock traded up $0.35 during mid-day trading on Tuesday, reaching $17.18. 1,546,448 shares of the company's stock were exchanged, compared to its average volume of 1,999,391. The company has a current ratio of 2.47, a quick ratio of 1.90 and a debt-to-equity ratio of 2.71. EquipmentShare.com has a 12-month low of $15.95 and a 12-month high of $35.50. The firm has a 50 day moving average of $21.07. The firm has a market capitalization of $4.34 billion and a P/E ratio of 131.85.

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

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

Insider Transactions at EquipmentShare.com

In other EquipmentShare.com news, CEO Jabbok Schlacks acquired 50,000 shares of the 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 directly owned 50,000 shares in the company, valued at $1,056,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director W Bryan Hill purchased 21,803 shares of the stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $22.89 per share, with a total value of $499,070.67. Following the transaction, the director directly owned 35,794 shares in the company, valued at approximately $819,324.66. This trade represents a 155.84% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 81,803 shares of company stock valued at $1,797,271.

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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