EquipmentShare.com (NASDAQ:EQPT) Shares Gap Up - What's Next?

Key Points

• EquipmentShare.com shares jumped 6%, opening at $14.73 versus a prior close of $13.59, though they remained below the 50-day and 200-day moving averages.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $33.78; several firms recently lowered their targets, while Truist maintained a “Buy” rating and Citizens JMP kept an “Outperform” rating.
• The company exceeded quarterly earnings expectations, reporting $0.18 in EPS versus a projected loss, and authorized a $500 million share buyback. Insiders bought shares recently, but insiders sold significantly more stock over the past 90 days.

EquipmentShare.com Inc (NASDAQ:EQPT - Get Free Report) gapped up prior to trading on Monday. The stock had previously closed at $13.59, but opened at $14.73. EquipmentShare.com shares last traded at $14.5170, with a volume of 738,845 shares traded.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EQPT. Wells Fargo & Company reduced their price target on shares of EquipmentShare.com from $32.00 to $25.00 and set an "overweight" rating for the company in a report on Tuesday, July 14th. Citizens Jmp restated a "market outperform" rating and set a $42.00 price target on shares of EquipmentShare.com in a research report on Monday, June 22nd. Weiss Ratings cut shares of EquipmentShare.com from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, September 25th. Truist Financial reduced their target price on shares of EquipmentShare.com from $35.00 to $31.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Finally, Citigroup reduced their target price on shares of EquipmentShare.com from $22.00 to $17.00 and set a "neutral" rating for the company in a research note on Monday, October 12th. Six 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, the stock has a consensus rating of "Hold" and an average price target of $33.78.

EquipmentShare.com Trading Up 6.0%

The business's 50 day moving average is $18.01 and its two-hundred day moving average is $19.67. The company has a quick ratio of 1.91, a current ratio of 2.42 and a debt-to-equity ratio of 3.16. The firm has a market capitalization of $3.65 billion and a P/E ratio of 46.09.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.28. The company had revenue of $1.45 billion during the quarter. Analysts expect that EquipmentShare.com Inc will post 0.45 EPS for the current year.

EquipmentShare.com announced that its Board of Directors has approved a stock buyback program on Friday, July 10th that permits the company to buy back $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 12.4% of its shares through open market purchases. Share buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jabbok Schlacks purchased 22,900 shares of the firm's stock in a transaction 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 purchase, the chief executive officer owned 125,000 shares in the company, valued at $2,220,000. This trade represents a 22.43% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William J. Schlacks purchased 2,000 shares of the stock in a transaction dated Friday, August 21st. The shares were purchased at an average price of $18.64 per share, for a total transaction of $37,280.00. Following the completion of the transaction, the insider owned 60,950 shares in the company, valued at $1,136,108. This trade represents a 3.39% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 85,950 shares of company stock worth $1,537,422 and sold 2,201,032 shares worth $45,393,501. 32.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EquipmentShare.com

Hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue bought a new position in shares of EquipmentShare.com during the 3rd quarter valued at about $157,000. BigSur Wealth Management LLC acquired a new position in shares of EquipmentShare.com in the 3rd quarter worth approximately $434,000. Engineers Gate Manager LP bought a new stake in shares of EquipmentShare.com in the 2nd quarter worth approximately $679,000. Arizona State Retirement System bought a new stake in shares of EquipmentShare.com in the 2nd quarter worth approximately $205,000. Finally, Waverly Advisors LLC bought a new stake in shares of EquipmentShare.com in the 2nd quarter worth approximately $2,387,000.

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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