RB Global (NYSE:RBA) Price Target Raised to $152.00

Key Points

• Royal Bank of Canada raised RB Global’s price target to $152 from $150 and maintained an “outperform” rating, implying 57.02% upside from the previous close.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Buy” rating and an average price target of $127.86.
• RB Global exceeded quarterly expectations, reporting $1.13 in earnings per share versus a $1.09 consensus estimate and $1.66 billion in revenue compared with forecasts of $1.21 billion.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA had its target price increased by analysts at Royal Bank Of Canada from $150.00 to $152.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the business services provider's stock. Royal Bank Of Canada's price objective points to a potential upside of 57.02% from the stock's previous close.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets reissued an "outperform" rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Barclays dropped their price target on RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a research report on Wednesday, July 22nd. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of RB Global in a research note on Wednesday. Zacks Research raised shares of RB Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 3rd. Finally, Stephens reaffirmed an "equal weight" rating and set a $96.00 target price on shares of RB Global in a research note on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $127.86.

RB Global Price Performance

Shares of RBA stock traded down $14.26 on Wednesday, reaching $96.80. 4,277,522 shares of the company were exchanged, compared to its average volume of 1,283,595. The company has a market cap of $17.92 billion, a price-to-earnings ratio of 44.83, a P/E/G ratio of 2.30 and a beta of 0.56. The business has a 50-day moving average price of $110.08 and a 200 day moving average price of $106.56. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. RB Global has a 1 year low of $93.58 and a 1 year high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.21 billion. Equities research analysts forecast that RB Global will post 4.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Deborah Stein bought 425 shares of the stock in a transaction on Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, with a total value 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RB Global

Hedge funds have recently made changes to their positions in the stock. MV Capital Management Inc. purchased a new stake in RB Global in the fourth quarter valued at approximately $29,000. Bayban purchased a new stake in shares of RB Global in the 4th quarter valued at $34,000. Cassaday & Co Wealth Management LLC acquired a new position in RB Global during the 1st quarter worth about $43,000. State of Wyoming purchased a new position in RB Global during the 2nd quarter valued at about $46,000. Finally, Nemes Rush Group LLC acquired a new position in RB Global in the 4th quarter valued at about $54,000. 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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