EquipmentShare.com (NASDAQ:EQPT) to Buyback $500.00 million in Outstanding Stock

EquipmentShare.com (NASDAQ:EQPT) declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 22nd, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

EquipmentShare.com Price Performance

NASDAQ:EQPT traded down $0.20 during trading hours on Wednesday, reaching $17.34. 6,853,071 shares of the company were exchanged, compared to its average volume of 3,179,066. The stock has a market cap of $4.38 billion and a price-to-earnings ratio of 133.38. The company’s 50 day moving average is $20.34. EquipmentShare.com has a 52-week low of $15.71 and a 52-week high of $35.50. The company has a current ratio of 2.47, a quick ratio of 1.90 and a debt-to-equity ratio of 2.71.

EquipmentShare.com (NASDAQ:EQPT) last issued its earnings results on Wednesday, May 13th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.15. The firm had revenue of $989.00 million during the quarter. The business’s revenue for the quarter was up 38.1% compared to the same quarter last year. On average, analysts predict that EquipmentShare.com will post 0.46 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on EQPT. BNP Paribas Exane assumed coverage on shares of EquipmentShare.com in a report on Monday, June 29th. They issued a “neutral” rating and a $22.00 target price on the stock. Truist Financial reduced their price objective on shares of EquipmentShare.com from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 2nd. Wells Fargo & Company decreased their target price on shares of EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Citigroup increased their target price on EquipmentShare.com from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $42.00 price target on shares of EquipmentShare.com in a research note on Monday, June 22nd. Six 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. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.33.

Insider Activity

In other EquipmentShare.com news, Director W Bryan Hill bought 21,803 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $22.89 per share, with a total value of $499,070.67. Following the transaction, the director owned 35,794 shares in the company, valued at $819,324.66. This trade represents a 155.84% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jabbok Schlacks acquired 50,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were acquired at an average price of $21.12 per share, with a total value of $1,056,000.00. Following the completion of the purchase, the chief executive officer owned 50,000 shares of the company’s stock, valued at $1,056,000. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 81,803 shares of company stock valued at $1,797,271 in the last three months. Corporate insiders own 32.81% of the company’s stock.

About EquipmentShare.com

EquipmentShare.com Inc provides integrated, full-service construction solutions across equipment rental, sales and technology. EquipmentShare.com Inc is based in Columbia, Missouri.