EquipmentShare.com (NASDAQ:EQPT) Shares Down 8.3% - Should You Sell?

Key Points

• EquipmentShare.com shares fell 8.3% to approximately $14.10, extending the stock’s decline below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: the consensus rating is “Hold”, with a $33.78 average price target, although several firms recently lowered their targets.
• The company beat quarterly earnings expectations and authorized a $500 million stock-repurchase plan; however, insiders sold substantially more shares than they purchased over the past 90 days.

EquipmentShare.com Inc (NASDAQ:EQPT - Get Free Report) was down 8.3% during mid-day trading on Wednesday. The stock traded as low as $14.13 and last traded at $14.0980. 689,324 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 2,454,421 shares. The stock had previously closed at $15.37.

Analysts Set New Price Targets

A number of research analysts have recently commented on EQPT shares. Truist Financial cut their price objective on shares of EquipmentShare.com from $35.00 to $31.00 and set a "buy" rating for the company in a research report on Monday, October 5th. 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 target price on the stock. Citigroup lowered their price target on EquipmentShare.com from $22.00 to $17.00 and set a "neutral" rating on the stock in a research note on Monday. Wells Fargo & Company cut their price target on EquipmentShare.com from $32.00 to $25.00 and set an "overweight" rating for the company in a report on Tuesday, July 14th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and issued a $42.00 price target on shares of EquipmentShare.com in a report on Monday, June 22nd. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, EquipmentShare.com currently has an average rating of "Hold" and a consensus price target of $33.78.

EquipmentShare.com Stock Down 9.8%

The company has a current ratio of 2.42, a quick ratio of 1.91 and a debt-to-equity ratio of 3.16. The business's fifty day moving average price is $18.38 and its 200 day moving average price is $19.80. The company has a market capitalization of $3.51 billion and a P/E ratio of 44.99.

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

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

Insider Transactions at EquipmentShare.com

In other news, CEO Jabbok Schlacks purchased 22,900 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average cost of $17.76 per share, with a total value of $406,704.00. Following the acquisition, the chief executive officer directly owned 125,000 shares of the company's stock, valued at approximately $2,220,000. This trade represents a 22.43% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Neil Chheda sold 1,285,402 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $20.62, for a total transaction of $26,504,989.24. Following the completion of the transaction, the insider owned 40,476,688 shares in the company, valued at approximately $834,629,306.56. This trade represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders purchased 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EquipmentShare.com

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP bought a new position in EquipmentShare.com in the 2nd quarter valued at $168,226,000. Waverly Advisors LLC bought a new stake in shares of EquipmentShare.com during the second quarter worth $2,387,000. Engineers Gate Manager LP bought a new position in shares of EquipmentShare.com in the second quarter worth about $679,000. BigSur Wealth Management LLC bought a new position in shares of EquipmentShare.com in the third quarter worth about $434,000. Finally, Arizona State Retirement System acquired a new position in shares of EquipmentShare.com during the second quarter worth approximately $205,000.

EquipmentShare.com Company Profile

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.

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