EquipmentShare.com (NASDAQ:EQPT) Stock Price Down 7.5% - Here's Why

Key Points

• EquipmentShare.com shares fell 7.5% to about $16.72, with trading volume roughly 13% above the average session level.
• Analyst sentiment is mixed: the stock has an average “Hold” rating and a consensus price target of $34.78, although recent targets range from $22 to $42.
• The company beat quarterly earnings expectations with $0.18 EPS versus a projected loss of $0.10, while also authorizing a $500 million share-repurchase plan; insiders have made recent purchases but have sold significantly more shares over the past three months.

Shares of EquipmentShare.com Inc (NASDAQ:EQPT - Get Free Report) were down 7.5% on Thursday . The company traded as low as $16.84 and last traded at $16.7190. Approximately 2,607,475 shares changed hands during trading, an increase of 13% from the average session volume of 2,306,608 shares. The stock had previously closed at $18.08.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EQPT. BNP Paribas Exane initiated coverage on shares of EquipmentShare.com in a research note on Monday, June 29th. They issued a "neutral" rating and a $22.00 target price on the stock. UBS Group cut their price objective on shares of EquipmentShare.com from $24.00 to $22.00 and set a "neutral" rating on the stock in a report on Thursday, August 20th. Citizens Jmp reaffirmed a "market outperform" rating and set a $42.00 target price on shares of EquipmentShare.com in a report on Monday, June 22nd. Citigroup upped their target price on shares of EquipmentShare.com from $19.00 to $22.00 and gave the company a "neutral" rating in a research report on Monday, August 17th. Finally, Truist Financial reissued a "buy" rating and issued a $35.00 price target (down from $38.00) on shares of EquipmentShare.com in a research note on Tuesday, August 25th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, EquipmentShare.com has an average rating of "Hold" and a consensus target price of $34.78.

EquipmentShare.com Price Performance

The firm has a market cap of $4.13 billion and a price-to-earnings ratio of 52.83. The company's fifty day moving average is $18.74 and its 200 day moving average is $20.53. The company has a quick ratio of 1.91, a current ratio of 2.42 and a debt-to-equity ratio of 3.16.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last posted its quarterly 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 company had revenue of $1.45 billion during the quarter. On average, equities research analysts predict that EquipmentShare.com Inc will post 0.44 EPS for the current year.

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

Insider Activity at EquipmentShare.com

In other news, CEO Jabbok Schlacks purchased 22,900 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $17.76 per share, for a total transaction of $406,704.00. Following the completion of the acquisition, the chief executive officer owned 125,000 shares in the company, valued at approximately $2,220,000. The trade was a 22.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William J. Schlacks bought 4,000 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were acquired at an average cost of $19.56 per share, with a total value of $78,240.00. Following the completion of the transaction, the insider owned 58,950 shares of the company's stock, valued at $1,153,062. This represents a 7.28% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have bought 85,950 shares of company stock valued at $1,537,422 and have sold 2,201,032 shares valued at $45,393,501. 32.81% of the stock is currently owned by insiders.

Institutional Trading of EquipmentShare.com

Several hedge funds have recently added to or reduced their stakes in EQPT. Arizona State Retirement System purchased a new stake in EquipmentShare.com in the 2nd quarter worth about $205,000. Chico Wealth RIA purchased a new stake in shares of EquipmentShare.com during the 2nd quarter valued at approximately $322,000. Bank of New York Mellon Corp bought a new position in EquipmentShare.com in the 2nd quarter worth approximately $326,000. Engineers Gate Manager LP bought a new position in EquipmentShare.com in the 2nd quarter worth approximately $679,000. Finally, Waverly Advisors LLC purchased a new position in EquipmentShare.com in the 2nd quarter valued at approximately $2,387,000.

About EquipmentShare.com

EquipmentShare.com is a technology-enabled equipment rental and services company serving the construction and industrial sectors. The company provides access to construction equipment, including aerial lifts, earthmoving machinery, material-handling equipment, generators and other jobsite assets, through a network of locations across the United States.

Its business combines equipment rental and sales with maintenance, repair and related support services. EquipmentShare also offers technology intended to help contractors manage fleets and jobsites.

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