RB Global (NYSE:RBA) Stock Price Expected to Rise, National Bank Financial Analyst Says

Key Points

• National Bank Financial raised RB Global’s price target to $133 from $132 and maintained an “Outperform” rating, implying 37.27% upside from the prior close. Analysts broadly rate the stock a “Buy,” with an average price target of $128.
• RB Global reported quarterly EPS of $1.13, exceeding the $1.09 consensus estimate, while revenue of $1.66 billion substantially surpassed the $1.21 billion forecast.
• Despite the earnings beat, shares fell $14.17 to $96.89 on unusually heavy trading volume, leaving the stock near its 12-month low and potentially reflecting concerns about valuation or other results details.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA had its price target upped by stock analysts at National Bank Financial from $132.00 to $133.00 in a report released on Wednesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the business services provider's stock. National Bank Financial's price objective points to a potential upside of 37.27% from the stock's previous close.

Other equities analysts have also issued research reports about the company. BMO Capital Markets reiterated an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of RB Global in a report on Wednesday. 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 report on Tuesday, June 30th. Royal Bank Of Canada raised their price objective on shares of RB Global from $150.00 to $152.00 and gave the stock an "outperform" rating in a research note on Wednesday. Finally, Barclays lowered their target price on shares of RB Global from $124.00 to $121.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $128.00.

RB Global Stock Performance

Shares of RBA stock traded down $14.17 during trading hours on Wednesday, hitting $96.89. The company's stock had a trading volume of 4,851,250 shares, compared to its average volume of 1,288,378. The stock has a market cap of $17.94 billion, a PE ratio of 45.17, a price-to-earnings-growth ratio of 2.30 and a beta of 0.56. RB Global has a 12-month low of $93.58 and a 12-month high of $119.58. The company has a 50 day moving average of $110.08 and a 200 day moving average of $106.56. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.21 billion. On average, sell-side analysts forecast that RB Global will post 4.16 EPS for the current fiscal year.

Insider Transactions at RB Global

In other news, Director Deborah Stein bought 425 shares of RB Global stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost 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 of the company's stock, valued at approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.57% of the company's stock.

Hedge Funds Weigh In On RB Global

Several large investors have recently made changes to their positions in the stock. MV Capital Management Inc. acquired a new stake in shares of RB Global during the fourth quarter worth about $29,000. Bayban acquired a new stake in shares of RB Global in the fourth quarter valued at approximately $34,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of RB Global in the first quarter valued at about $43,000. State of Wyoming acquired a new stake in shares of RB Global during the second quarter worth $46,000. Finally, Nemes Rush Group LLC acquired a new stake in RB Global in the fourth quarter valued at about $54,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about RB Global

Here are the key news stories impacting RB Global this week:

• Positive Sentiment: Strong Q2 earnings beat: RB Global reported adjusted earnings of $1.13 per share, above the $1.09 consensus estimate and up from $1.07 a year earlier. Revenue reached $1.66 billion, significantly exceeding the $1.21 billion analyst forecast. RB Global Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: RBC raises price target: Royal Bank of Canada increased its target for RB Global from $150 to $152 and assigned an “Outperform” rating. The new target implies substantial upside from the recently quoted share price. RBC raises RB Global price target
• Neutral Sentiment: Management’s Q2 earnings presentation and conference-call transcript provide additional detail on operating performance and the company’s outlook. RB Global Q2 Results Presentation RB Global Q2 Earnings Call Transcript
• Negative Sentiment: Shares declined despite the beat: The stock fell amid unusually heavy trading volume, indicating that investors may have been disappointed by factors not captured in the headline EPS and revenue figures, or may be reassessing RB Global’s premium valuation. No specific negative catalyst was identified in the provided reports.

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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