EquipmentShare.com (NASDAQ:EQPT) Shares Down 8.3% – Here’s Why

EquipmentShare.com Inc (NASDAQ:EQPT)’s stock price dropped 8.3% during trading on Wednesday. The stock traded as low as $14.13 and last traded at $14.0980. Approximately 689,324 shares traded hands during trading, a decline of 72% from the average daily volume of 2,454,421 shares. The stock had previously closed at $15.37.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Weiss Ratings downgraded EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Wells Fargo & Company lowered their price target on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. BNP Paribas Exane assumed coverage on EquipmentShare.com in a research report on Monday, June 29th. They set a “neutral” rating and a $22.00 price target on the stock. Citizens Jmp reissued a “market outperform” rating and issued a $42.00 price objective on shares of EquipmentShare.com in a research note on Monday, June 22nd. Finally, Truist Financial cut their price objective on EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a report on Monday, October 5th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, EquipmentShare.com presently has a consensus rating of “Hold” and a consensus target price of $33.78.

EquipmentShare.com Price Performance

The company has a debt-to-equity ratio of 3.16, a current ratio of 2.42 and a quick ratio of 1.91. The stock’s fifty day simple moving average is $18.14 and its two-hundred day simple moving average is $19.71.

EquipmentShare.com (NASDAQ:EQPT) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.28. The business had revenue of $1.45 billion during the quarter. On average, equities research analysts forecast that EquipmentShare.com Inc will post 0.45 EPS for the current year.

EquipmentShare.com announced that its board has approved a stock repurchase plan on Friday, July 10th that allows the company to repurchase $500.00 million in shares. This buyback authorization allows the company to buy up to 12.4% of its shares through open market purchases. Share buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other EquipmentShare.com news, insider William J. Schlacks purchased 2,000 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were purchased at an average price of $18.64 per share, for a total transaction of $37,280.00. Following the completion of the transaction, the insider owned 60,950 shares in the company, valued at $1,136,108. This represents a 3.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jabbok Schlacks purchased 22,900 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was bought at an average cost of $17.76 per share, for a total transaction of $406,704.00. Following the acquisition, the chief executive officer directly owned 125,000 shares of the company’s stock, valued at $2,220,000. This represents a 22.43% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 85,950 shares of company stock worth $1,537,422 and sold 2,201,032 shares worth $45,393,501. 32.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EquipmentShare.com

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP acquired a new position in shares of EquipmentShare.com in the 2nd quarter worth $168,226,000. Waverly Advisors LLC purchased a new stake in shares of EquipmentShare.com during the second quarter valued at $2,387,000. Engineers Gate Manager LP purchased a new stake in shares of EquipmentShare.com during the second quarter valued at $679,000. BigSur Wealth Management LLC acquired a new position in shares of EquipmentShare.com in the 3rd quarter valued at $434,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of EquipmentShare.com in the 2nd quarter valued at $326,000.

EquipmentShare.com Company Profile

EquipmentShare is a technology-enabled equipment rental and services company serving the construction and industrial sectors. The company provides access to a broad range of heavy equipment, including earthmoving, aerial, material-handling and general construction machinery, along with related parts, maintenance and support services.

Its technology platform, known as T3, is designed to help contractors and equipment owners monitor fleets, track equipment location and utilization, manage maintenance, and coordinate assets, teams and projects.