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

Key Points

• Raymond James Financial raised its price target for RB Global from $125.00 to $135.00, indicating a potential upside of 21.68% from its current stock price.
• RB Global posted quarterly earnings of $1.07 per share, beating analysts' estimates of $0.95, with revenues reaching $1.20 billion, exceeding expectations.
• The company's consensus rating stands at "Moderate Buy" with an average price target of $119.79, supported by multiple analysts giving either buy or outperform ratings.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA had its price target hoisted by equities researchers at Raymond James Financial from $125.00 to $135.00 in a research note issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the business services provider's stock. Raymond James Financial's target price suggests a potential upside of 21.68% from the company's current price.

RBA has been the subject of several other reports. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. BMO Capital Markets reiterated an "outperform" rating and issued a $130.00 price target (up previously from $125.00) on shares of RB Global in a research report on Thursday. National Bank Financial lowered RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Robert W. Baird lifted their price objective on RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Finally, CIBC upped their price target on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $119.79.

RB Global Price Performance

NYSE:RBA traded up $2.17 during trading hours on Thursday, reaching $110.95. The company had a trading volume of 1,481,795 shares, compared to its average volume of 1,073,761. The firm has a market capitalization of $20.58 billion, a PE ratio of 54.63, a PEG ratio of 2.53 and a beta of 0.75. RB Global has a one year low of $77.79 and a one year high of $113.37. The stock has a 50-day moving average of $106.81 and a two-hundred day moving average of $101.28. The company has a quick ratio of 1.21, a current ratio of 1.31 and a debt-to-equity ratio of 0.50.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 8.03% and a net margin of 9.68%. The business had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter last year, the business earned $0.94 earnings per share. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. Analysts forecast that RB Global will post 2.5 earnings per share for the current year.

Insider Activity

In other news, insider Andrew John Fesler sold 9,075 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $104.72, for a total transaction of $950,334.00. Following the sale, the insider directly owned 5,532 shares of the company's stock, valued at $579,311.04. This represents a 62.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO James J. Jeter sold 3,500 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $104.38, for a total transaction of $365,330.00. Following the sale, the executive directly owned 16,167 shares of the company's stock, valued at $1,687,511.46. This represents a 17.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,133 shares of company stock valued at $7,843,729 over the last quarter. Insiders own 4.32% of the company's stock.

Institutional Trading of RB Global

Hedge funds have recently made changes to their positions in the company. Aviva PLC increased its position in shares of RB Global by 8.2% in the 2nd quarter. Aviva PLC now owns 131,717 shares of the business services provider's stock valued at $13,991,000 after purchasing an additional 10,014 shares during the last quarter. Metis Global Partners LLC grew its position in RB Global by 7.8% during the 2nd quarter. Metis Global Partners LLC now owns 6,223 shares of the business services provider's stock worth $661,000 after purchasing an additional 450 shares during the last quarter. Savant Capital LLC purchased a new position in RB Global during the 2nd quarter worth $310,000. Twin Capital Management Inc. acquired a new stake in shares of RB Global in the 2nd quarter worth $1,273,000. Finally, SouthState Corp lifted its stake in shares of RB Global by 75.6% in the 2nd quarter. SouthState Corp now owns 453 shares of the business services provider's stock worth $48,000 after acquiring an additional 195 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.

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