RB Global (NYSE:RBA) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded RB Global from buy to hold, even though other recent analyst actions have been more positive.
• Overall sentiment on the stock remains favorable: RB Global currently has an average Buy rating and a consensus price target of $128, with several firms recently reiterating or raising bullish ratings and targets.
• The company reported Q1 EPS of $1.01, beating estimates, but revenue of $888.01 million came in below expectations; RB Global also noted 11.4% year-over-year revenue growth.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Several other brokerages have also weighed in on RBA. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of RB Global in a research note on Tuesday, May 26th. Zacks Research raised shares of RB Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 3rd. National Bank Financial upped their price objective on shares of RB Global from $130.00 to $132.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. BMO Capital Markets reaffirmed an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Finally, Raymond James Financial upgraded shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 target price for the company in a report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $128.00.

RB Global Price Performance

NYSE:RBA opened at $111.76 on Friday. RB Global has a 52 week low of $93.58 and a 52 week high of $119.58. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $20.78 billion, a P/E ratio of 51.98, a P/E/G ratio of 1.77 and a beta of 0.55. The stock's fifty day moving average is $108.04 and its two-hundred day moving average is $106.12.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.04. The business had revenue of $888.01 million during the quarter, compared to analysts' expectations of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The company's revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.89 EPS. Equities analysts expect that RB Global will post 4.16 EPS for the current year.

Insider Activity

In other RB Global news, Director Deborah Stein purchased 425 shares of RB Global stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $103.15 per share, with a total value of $43,838.75. Following the completion of the transaction, the director owned 1,825 shares of the company's stock, valued at $188,248.75. This trade represents a 30.36% 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. Corporate insiders own 0.57% of the company's stock.

Institutional Investors Weigh In On RB Global

A number of hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its position in shares of RB Global by 94.3% during the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock worth $1,031,000 after acquiring an additional 5,090 shares during the period. NewEdge Advisors LLC boosted its holdings in RB Global by 53.1% in the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock valued at $59,000 after purchasing an additional 204 shares during the period. Jones Financial Companies Lllp boosted its holdings in RB Global by 857.9% in the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock valued at $375,000 after purchasing an additional 3,346 shares during the period. Goldman Sachs Group Inc. grew its stake in RB Global by 35.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock worth $33,940,000 after purchasing an additional 88,813 shares in the last quarter. Finally, Woodline Partners LP acquired a new position in RB Global during the 1st quarter worth $4,103,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

About RB Global

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.

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