EquipmentShare.com (NASDAQ:EQPT) Stock Price Up 6.4% - Here's What Happened

Key Points

• EquipmentShare.com shares jumped 6.4% to about $17.37 on Friday, with trading volume 12% above the average session level.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $34.78 target price, although several firms recently reduced targets while maintaining neutral or positive ratings.
• The company reported quarterly EPS of $0.18, beating estimates by $0.28, and authorized a $500 million share repurchase program covering up to 12.4% of outstanding shares; insider activity was mixed, with significant shareholder selling partly offset by CEO purchases.

EquipmentShare.com Inc (NASDAQ:EQPT - Get Free Report)'s stock price traded up 6.4% during trading on Friday. The stock traded as high as $17.39 and last traded at $17.3660. 2,648,734 shares were traded during trading, an increase of 12% from the average session volume of 2,357,722 shares. The stock had previously closed at $16.32.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Citigroup upped their target price on shares of EquipmentShare.com from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Monday, August 17th. BNP Paribas Exane started coverage on EquipmentShare.com in a research note on Monday, June 29th. They issued a "neutral" rating and a $22.00 price objective for the company. UBS Group lowered their price objective 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. Citizens Jmp reaffirmed a "market outperform" rating and set a $42.00 target price on shares of EquipmentShare.com in a research report on Monday, June 22nd. Finally, Wells Fargo & Company decreased 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. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $34.78.

EquipmentShare.com Price Performance

The stock has a market cap of $4.40 billion and a PE ratio of 55.88. The company has a debt-to-equity ratio of 3.16, a quick ratio of 1.91 and a current ratio of 2.42. The business has a 50 day moving average price of $18.73 and a two-hundred day moving average price of $20.45.

EquipmentShare.com (NASDAQ:EQPT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.28. The business had revenue of $1.45 billion for the quarter. Research analysts expect that EquipmentShare.com Inc will post 0.44 earnings per share for the current fiscal year.

EquipmentShare.com declared that its Board of Directors has initiated a share repurchase plan on Friday, July 10th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 12.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, major shareholder Neil Chheda sold 1,285,402 shares of the 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 represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jabbok Schlacks acquired 22,900 shares of the firm's stock in a transaction that occurred on Tuesday, September 15th. The shares were bought at an average price 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 $2,220,000. The trade was a 22.43% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. Insiders own 32.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EQPT. Engineers Gate Manager LP purchased a new stake in shares of EquipmentShare.com during the 2nd quarter worth approximately $679,000. Arizona State Retirement System bought a new position in EquipmentShare.com during the second quarter valued at $205,000. Waverly Advisors LLC purchased a new stake in EquipmentShare.com in the second quarter worth $2,387,000. Chico Wealth RIA purchased a new stake in EquipmentShare.com in the second quarter worth $322,000. Finally, Wellington Management Group LLP bought a new stake in shares of EquipmentShare.com in the second quarter valued at $168,226,000.

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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