Element Fleet Management (TSE:EFN) Stock Crosses Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Element Fleet Management shares fell below their 200-day moving average, reaching C$21.22 and closing at C$21.61, well below the C$28.19 average, on volume of about 2.8 million shares.
• Raymond James cut its price target from C$42 to C$32 but maintained an “outperform” rating. Despite the reduction, seven analysts rate the stock Buy, with a consensus target of C$40.71.
• The company reported quarterly EPS of C$0.48 on C$451.94 million in revenue, while insider activity was mixed: one insider increased holdings by 156%, and another reduced ownership by 58.33% through a share sale.

Shares of Element Fleet Management Corp. (TSE:EFN - Get Free Report) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$28.19 and traded as low as C$21.22. Element Fleet Management shares last traded at C$21.61, with a volume of 2,813,761 shares changing hands.

Wall Street Analyst Weigh In

Separately, Raymond James Financial decreased their price objective on shares of Element Fleet Management from C$42.00 to C$32.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 6th. Seven analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of C$40.71.

Element Fleet Management Trading Up 0.7%

The business has a 50 day simple moving average of C$25.51 and a two-hundred day simple moving average of C$28.19. The company has a current ratio of -1,179.03, a quick ratio of 5.70 and a debt-to-equity ratio of 357.23. The company has a market cap of C$8.46 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 2.97 and a beta of 0.60.

Element Fleet Management (TSE:EFN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported C$0.48 EPS for the quarter. Element Fleet Management had a return on equity of 10.57% and a net margin of 12.17%. The business had revenue of C$451.94 million during the quarter. On average, analysts forecast that Element Fleet Management Corp. will post 1.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Element Fleet Management news, insider Jose Manuel Tamayo bought 2,343 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were acquired at an average price of C$24.75 per share, with a total value of C$57,989.25. Following the purchase, the insider owned 3,844 shares in the company, valued at approximately C$95,139. The trade was a 156.10% increase in their position. Also, insider Jacob Eisenberg sold 90,855 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of C$26.26, for a total value of C$2,385,852.30. Following the completion of the sale, the insider owned 64,897 shares of the company's stock, valued at approximately C$1,704,195.22. This represents a 58.33% decrease in their ownership of the stock. Corporate insiders own 0.26% of the company's stock.

About Element Fleet Management

Element Fleet Management TSX: EFN is the largest publicly traded pure play automotive fleet manager in the world and a global leader in intelligent fleet and mobility solutions. Guided by our Purpose to Move the world through intelligent mobility, we help clients manage the vehicles, data, technology, and decisions that keep their businesses moving. Fleet is our foundation, and intelligent mobility is how we lead. By combining deep fleet expertise with connected technologies, data driven intelligence, and strategic partnerships, Element helps clients lower total cost of ownership, improve uptime and driver experience, and build more resilient operations.

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