RB Global (NYSE:RBA) Raised to Buy at Wall Street Zen

Key Points

• RB Global has been upgraded by Wall Street Zen from a "hold" to a "buy" rating, reflecting a positive shift in analyst sentiment toward the company.
• Five analysts currently rate RB Global as a Buy, while two maintain a Hold rating, with a consensus target price of $124.00.
• The company has reported strong earnings, with a Q2 EPS of $1.07, surpassing expectations and showing an 8.2% revenue increase year-over-year.

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

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 8th. BMO Capital Markets raised their price objective on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. National Bankshares cut their price objective on shares of RB Global from $113.00 to $111.00 and set a "sector perform" rating for the company in a research report on Thursday, October 9th. Raymond James Financial raised 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. Finally, CIBC raised 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. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $124.00.

RB Global Price Performance

Shares of NYSE RBA opened at $101.87 on Friday. The firm has a 50-day simple moving average of $110.84 and a 200-day simple moving average of $107.22. The stock has a market capitalization of $18.91 billion, a price-to-earnings ratio of 50.43, a price-to-earnings-growth ratio of 2.37 and a beta of 0.65. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. RB Global has a 52 week low of $84.31 and a 52 week high of $119.58.

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

Insiders Place Their Bets

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in RB Global by 1.2% during the second quarter. Vanguard Group Inc. now owns 25,205,500 shares of the business services provider's stock worth $2,676,926,000 after buying an additional 289,094 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in RB Global by 3.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider's stock worth $1,027,191,000 after buying an additional 352,530 shares during the period. Vontobel Holding Ltd. boosted its stake in RB Global by 10.3% during the third quarter. Vontobel Holding Ltd. now owns 7,215,414 shares of the business services provider's stock worth $781,862,000 after buying an additional 672,450 shares during the period. Geode Capital Management LLC boosted its stake in RB Global by 7.5% during the second quarter. Geode Capital Management LLC now owns 4,552,803 shares of the business services provider's stock worth $482,383,000 after buying an additional 317,781 shares during the period. Finally, Fiera Capital Corp boosted its stake in shares of RB Global by 2.7% in the second quarter. Fiera Capital Corp now owns 3,876,595 shares of the business services provider's stock valued at $411,586,000 after purchasing an additional 102,681 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.