EquipmentShare.com (NASDAQ:EQPT) Reaches New 1-Year Low - What's Next?

Key Points

• EquipmentShare.com shares fell 10.8% to $13.71, reaching a new 52-week low of $13.65 and trading well below their 50-day and 200-day moving averages.
• Analyst sentiment is mixed: six analysts rate the stock a Buy, five rate it Hold, and one rates it Sell. The consensus rating is Hold, with a target price of $33.78, although several firms recently lowered their targets.
• The company exceeded quarterly earnings expectations and authorized a $500 million stock buyback, while insiders made net purchases recently—but insiders also sold substantially more shares by value over the past 90 days.

EquipmentShare.com Inc (NASDAQ:EQPT - Get Free Report) hit a new 52-week low on Thursday. The stock traded as low as $13.65 and last traded at $13.71, with a volume of 4,591,333 shares trading hands. The stock had previously closed at $15.37.

Wall Street Analysts Forecast Growth

EQPT has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price objective on EquipmentShare.com from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. UBS Group cut their target price on EquipmentShare.com from $24.00 to $22.00 and set a "neutral" rating for the company in a research note on Thursday, August 20th. Truist Financial reduced their target price on EquipmentShare.com from $35.00 to $31.00 and set a "buy" rating for the company in a report on Monday, October 5th. Citigroup decreased their price target on EquipmentShare.com from $22.00 to $17.00 and set a "neutral" rating on the stock in a research report on Monday. Finally, BNP Paribas Exane assumed coverage on EquipmentShare.com in a research report on Monday, June 29th. They set a "neutral" rating and a $22.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $33.78.

EquipmentShare.com Trading Down 10.8%

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 has a 50 day moving average of $18.26 and a 200 day moving average of $19.75.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.28. The firm had revenue of $1.45 billion during the quarter. As a group, sell-side analysts anticipate that EquipmentShare.com Inc will post 0.45 earnings per share for the current fiscal year.

EquipmentShare.com announced that its Board of Directors has authorized a stock repurchase plan on Friday, July 10th that authorizes the company to repurchase $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 12.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other EquipmentShare.com news, CEO Jabbok Schlacks purchased 22,900 shares of EquipmentShare.com stock in a transaction that occurred on Tuesday, September 15th. The shares were bought at an average price of $17.76 per share, for a total transaction of $406,704.00. Following the acquisition, the chief executive officer directly owned 125,000 shares in the company, valued at approximately $2,220,000. This trade represents a 22.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider William J. Schlacks bought 4,000 shares of EquipmentShare.com stock in a transaction dated Tuesday, August 18th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $78,240.00. Following the completion of the purchase, the insider directly owned 58,950 shares of the company's stock, valued at approximately $1,153,062. This trade represents a 7.28% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 85,950 shares of company stock worth $1,537,422 and have sold 2,201,032 shares worth $45,393,501. 32.81% of the stock is owned by corporate insiders.

Institutional Trading of EquipmentShare.com

Large investors have recently bought and sold shares of the company. BigSur Wealth Management LLC purchased a new position in shares of EquipmentShare.com during the 3rd quarter worth approximately $434,000. Engineers Gate Manager LP purchased a new position in shares of EquipmentShare.com in the 2nd quarter valued at approximately $679,000. Arizona State Retirement System purchased a new position in shares of EquipmentShare.com in the 2nd quarter valued at approximately $205,000. Waverly Advisors LLC bought a new stake in shares of EquipmentShare.com during the second quarter valued at approximately $2,387,000. Finally, Chico Wealth RIA bought a new stake in shares of EquipmentShare.com during the second quarter valued at approximately $322,000.

About EquipmentShare.com

EquipmentShare is a technology-enabled equipment rental and services company serving the construction and industrial sectors. The company provides access to a broad range of heavy equipment, including earthmoving, aerial, material-handling and general construction machinery, along with related parts, maintenance and support services.

Its technology platform, known as T3, is designed to help contractors and equipment owners monitor fleets, track equipment location and utilization, manage maintenance, and coordinate assets, teams and projects.

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.