Ashtead Technology (LON:AT) Stock Jumps 4.3% - Here's What Happened

Key Points

• Ashtead Technology shares rose 4.3% to GBX 560 in mid-day trading, with approximately 877,338 shares changing hands.
• Analyst sentiment remains positive overall, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of GBX 587.50. However, several firms recently reduced their targets, including RBC’s cut to GBX 400.
• The company reported quarterly EPS of GBX 20.60, a 15.56% net margin and 19.41% return on equity; analysts expect full-year EPS of about GBX 42.82.

Ashtead Technology Holdings Plc (LON:AT - Get Free Report) shares traded up 4.3% during mid-day trading on Thursday. The company traded as high as GBX 560 and last traded at GBX 560. Approximately 877,338 shares were traded during mid-day trading, The stock had previously closed at GBX 537.

Analyst Ratings Changes

Several research firms have recently issued reports on AT. Berenberg Bank reduced their target price on Ashtead Technology from GBX 700 to GBX 650 and set a "buy" rating on the stock in a report on Friday, August 21st. Canaccord Genuity Group lowered their target price on shares of Ashtead Technology from GBX 600 to GBX 500 and set a "buy" rating for the company in a research note on Thursday, September 17th. Royal Bank Of Canada lowered shares of Ashtead Technology to a "sector perform" rating and cut their target price for the stock from GBX 560 to GBX 400 in a research note on Thursday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a GBX 650 price objective on shares of Ashtead Technology in a research note on Wednesday, September 2nd. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Ashtead Technology has a consensus rating of "Moderate Buy" and an average target price of GBX 587.50.

Ashtead Technology Price Performance

The business's fifty day moving average is GBX 409.84 and its 200 day moving average is GBX 435.57. The company has a market cap of £444.12 million, a P/E ratio of 18.08 and a beta of 0.41. The company has a current ratio of 2.21, a quick ratio of 1.46 and a debt-to-equity ratio of 73.72.

Ashtead Technology (LON:AT - Get Free Report) last released its quarterly earnings data on Tuesday, September 1st. The company reported GBX 20.60 EPS for the quarter. Ashtead Technology had a net margin of 15.56% and a return on equity of 19.41%. As a group, sell-side analysts anticipate that Ashtead Technology Holdings Plc will post 42.8247734 EPS for the current year.

Ashtead Technology Company Profile

Ashtead Technology Holdings Plc provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East. The company offers survey and robotics equipment comprising geophysical, hydrographic, metocean, land surveying, positioning, ROV sensors, non-destructive testing, subsea inspection, remote visual inspection, and environmental products. It also provides mechanical solutions, consisting of subsea cutting, coating removal and cleaning, subsea dredging, ROV and diver tooling, intervention skids, topside support, recovery tools, ancillary deck equipment, and fabrication solutions.

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