RB Global (NYSE:RBA) Downgraded by Zacks Research to Hold

Key Points

• Zacks Research downgraded RB Global from “strong buy” to “hold,” while the broader analyst consensus remains “Moderate Buy” with a $128 average price target.
• RB Global reported quarterly EPS of $1.13, topping estimates of $1.09, and revenue of $1.66 billion versus expectations of $1.21 billion.
• The stock opened at $84.24, near its 52-week low of $83.59, down 2.5%; institutional investors and hedge funds own approximately 95.37% of its shares.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

Several other analysts also recently commented on the company. Wall Street Zen downgraded RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. BMO Capital Markets reiterated an "outperform" rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Weiss Ratings raised RB Global from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, August 3rd. Raymond James Financial upgraded RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price target for the company in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada lifted their price objective on shares of RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, RB Global currently has an average rating of "Moderate Buy" and a consensus price target of $128.00.

RB Global Trading Down 2.5%

RBA opened at $84.24 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. RB Global has a 52 week low of $83.59 and a 52 week high of $119.58. The business's 50 day moving average is $107.80 and its two-hundred day moving average is $105.29. The firm has a market cap of $15.60 billion, a price-to-earnings ratio of 36.15, a price-to-earnings-growth ratio of 1.48 and a beta of 0.56.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The business had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.21 billion. On average, research analysts predict that RB Global will post 4.06 EPS for the current year.

Insider Activity at RB Global

In other RB Global news, Director Deborah Stein purchased 425 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were purchased at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the purchase, the director directly owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RB Global

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Addison Advisors LLC purchased a new position in shares of RB Global in the 2nd quarter valued at about $26,000. J.Safra Asset Management Corp acquired a new position in RB Global during the second quarter worth about $32,000. MV Capital Management Inc. purchased a new position in RB Global in the fourth quarter valued at about $29,000. Bayban purchased a new position in RB Global in the fourth quarter valued at about $34,000. Finally, State of Wyoming acquired a new stake in shares of RB Global during the 2nd quarter valued at approximately $46,000. 95.37% of the stock is 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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