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

Key Points

• RB Global has been downgraded from a "buy" rating to a "hold" rating by analysts at Wall Street Zen.
• Despite the downgrade, several other firms, including BMO Capital Markets and Raymond James Financial, have issued more favorable ratings and raised their price targets for the company's shares.
• The company recently reported a quarterly earnings per share of $1.07, exceeding analyst estimates, with a year-over-year revenue increase of 8.2%.

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

A number of other research firms have also weighed in on RBA. BMO Capital Markets raised their price target on shares of RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Raymond James Financial lifted their price objective on shares of RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Weiss Ratings raised shares of RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday. CIBC lifted their price objective on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research report on Friday, July 18th. Finally, Royal Bank Of Canada lifted their price objective on shares of RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $124.00.

RB Global Stock Up 0.3%

RBA opened at $104.00 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The company's 50-day moving average is $113.23 and its 200 day moving average is $106.89. RB Global has a fifty-two week low of $78.55 and a fifty-two week high of $119.58. The firm has a market capitalization of $19.31 billion, a P/E ratio of 51.49, a PEG ratio of 2.41 and a beta of 0.65.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm earned $0.94 earnings per share. The firm's revenue was up 8.2% on a year-over-year basis. Research analysts expect that RB Global will post 2.5 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $814,000.00. Following the completion of the transaction, the insider owned 24,874 shares of the company's stock, valued at approximately $2,736,140. The trade was a 22.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Thomas Steven Lewis sold 2,151 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The disclosure for this sale can be found here. Insiders have sold a total of 55,209 shares of company stock valued at $6,090,521 over the last quarter. Company insiders own 4.32% of the company's stock.

Hedge Funds Weigh In On RB Global

Several hedge funds have recently bought and sold shares of RBA. SouthState Corp purchased a new position in RB Global during the first quarter valued at approximately $26,000. SVB Wealth LLC purchased a new position in RB Global during the first quarter valued at approximately $28,000. IFP Advisors Inc grew its stake in RB Global by 348.8% during the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock valued at $36,000 after acquiring an additional 279 shares in the last quarter. Rise Advisors LLC purchased a new position in RB Global during the first quarter valued at approximately $38,000. Finally, State of Wyoming purchased a new position in RB Global in the 2nd quarter worth approximately $46,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

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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