EquipmentShare.com (NASDAQ:EQPT) Shares Down 6.4% – Here’s Why

EquipmentShare.com Inc (NASDAQ:EQPT) fell 6.4% on Wednesday. The company traded as low as $18.17 and last traded at $17.6920. 52,682 shares were traded during trading, a decline of 98% from the average daily volume of 2,378,943 shares. The stock had previously closed at $18.90.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on EQPT shares. 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 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. Truist Financial lowered their target price on shares of EquipmentShare.com from $35.00 to $31.00 and set a “buy” rating for the company in a research note on Monday. Citizens Jmp reiterated a “market outperform” rating and set a $42.00 price target on shares of EquipmentShare.com in a research report on Monday, June 22nd. Finally, UBS Group reduced their price target on shares of EquipmentShare.com from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, August 20th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.33.

EquipmentShare.com Stock Down 11.4%

The business’s fifty day moving average is $18.66 and its two-hundred day moving average is $19.92. The stock has a market cap of $3.97 billion and a price-to-earnings ratio of 50.52. The company has a quick ratio of 1.91, a current ratio of 2.42 and a debt-to-equity ratio of 3.16.

EquipmentShare.com (NASDAQ:EQPT) last released its earnings results on Wednesday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.28. The business had revenue of $1.45 billion for the quarter. Equities analysts forecast that EquipmentShare.com Inc will post 0.45 earnings per share for the current fiscal year.

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

Insider Activity at EquipmentShare.com

In related news, insider William Schlacks bought 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $78,240.00. Following the completion of the acquisition, the insider owned 58,950 shares in the company, valued at approximately $1,153,062. This trade represents a 7.28% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Neil Chheda sold 1,285,402 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $20.62, for a total value of $26,504,989.24. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders purchased 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 company insiders.

Institutional Trading of EquipmentShare.com

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP acquired a new position in shares of EquipmentShare.com in the 2nd quarter valued at $679,000. Arizona State Retirement System purchased a new stake in EquipmentShare.com in the second quarter valued at $205,000. Waverly Advisors LLC acquired a new position in EquipmentShare.com in the second quarter valued at $2,387,000. Chico Wealth RIA purchased a new position in shares of EquipmentShare.com during the second quarter worth about $322,000. Finally, Wellington Management Group LLP purchased a new position in shares of EquipmentShare.com during the second quarter worth about $168,226,000.

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.