Truist Financial Has Lowered Expectations for EquipmentShare.com (NASDAQ:EQPT) Stock Price

EquipmentShare.com (NASDAQ:EQPT) had its price objective reduced by Truist Financial from $35.00 to $31.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 64.02% from the stock’s current price.

EQPT has been the topic of several other research reports. Weiss Ratings cut EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. BNP Paribas Exane began coverage on EquipmentShare.com in a research note on Monday, June 29th. They set a “neutral” rating and a $22.00 price objective for the company. Wells Fargo & Company decreased their target price on EquipmentShare.com from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. UBS Group cut their target price on EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday, August 20th. Finally, Citigroup upped their target price on EquipmentShare.com from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Monday, August 17th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $34.33.

EquipmentShare.com Stock Performance

NASDAQ:EQPT opened at $18.90 on Monday. EquipmentShare.com has a twelve month low of $15.71 and a twelve month high of $35.50. The company has a current ratio of 2.42, a quick ratio of 1.91 and a debt-to-equity ratio of 3.16. The company has a 50-day moving average of $18.73 and a 200-day moving average of $20.00. The firm has a market cap of $4.79 billion and a price-to-earnings ratio of 60.97.

EquipmentShare.com (NASDAQ:EQPT) last released its earnings results on Wednesday, August 12th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.28. The business had revenue of $1.45 billion during the quarter. Analysts forecast that EquipmentShare.com will post 0.44 earnings per share for the current fiscal year.

EquipmentShare.com announced that its Board of Directors has approved a stock buyback plan on Friday, July 10th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 12.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other EquipmentShare.com news, major shareholder Neil Chheda sold 1,285,402 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $20.62, for a total transaction of $26,504,989.24. Following the sale, the insider directly owned 40,476,688 shares of the company’s stock, valued at $834,629,306.56. The trade was a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William J. Schlacks bought 4,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were purchased at an average cost of $19.56 per share, for a total transaction of $78,240.00. Following the completion of the purchase, the insider owned 58,950 shares in the company, valued at approximately $1,153,062. This trade represents a 7.28% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 85,950 shares of company stock valued at $1,537,422 and sold 2,201,032 shares valued at $45,393,501. Company insiders own 32.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EQPT. Engineers Gate Manager LP acquired a new position in EquipmentShare.com during the second quarter valued at $679,000. Arizona State Retirement System acquired a new stake in EquipmentShare.com during the 2nd quarter worth about $205,000. Waverly Advisors LLC acquired a new stake in EquipmentShare.com during the 2nd quarter worth about $2,387,000. Chico Wealth RIA purchased a new position in EquipmentShare.com during the 2nd quarter valued at about $322,000. Finally, Wellington Management Group LLP purchased a new position in EquipmentShare.com during the 2nd quarter valued at about $168,226,000.

About EquipmentShare.com

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.