Custom Truck One Source (NYSE:CTOS) Sets New 1-Year High After Better-Than-Expected Earnings

Shares of Custom Truck One Source, Inc. (NYSE:CTOS) reached a new 52-week high on Monday following a stronger than expected earnings report. The company traded as high as $8.98 and last traded at $8.8650, with a volume of 653207 shares changing hands. The stock had previously closed at $8.74.

The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $461.62 million during the quarter, compared to analyst estimates of $448.27 million. Custom Truck One Source had a negative net margin of 1.60% and a negative return on equity of 3.88%. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CTOS. JPMorgan Chase & Co. decreased their target price on Custom Truck One Source from $6.50 to $6.00 and set an “underweight” rating for the company in a research report on Wednesday, March 11th. Cantor Fitzgerald began coverage on Custom Truck One Source in a research report on Tuesday, April 21st. They issued an “overweight” rating and a $11.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Custom Truck One Source in a research report on Monday, April 20th. Finally, DA Davidson reiterated a “buy” rating and issued a $8.50 target price on shares of Custom Truck One Source in a research report on Wednesday, March 11th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canvas Wealth Advisors LLC boosted its position in Custom Truck One Source by 48.5% during the 4th quarter. Canvas Wealth Advisors LLC now owns 7,050,221 shares of the company’s stock valued at $40,609,000 after purchasing an additional 2,303,504 shares during the period. Boston Partners boosted its position in Custom Truck One Source by 0.8% during the 3rd quarter. Boston Partners now owns 5,475,307 shares of the company’s stock valued at $35,150,000 after purchasing an additional 42,232 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Custom Truck One Source by 2.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,310,114 shares of the company’s stock valued at $34,090,000 after purchasing an additional 112,519 shares during the period. Dimensional Fund Advisors LP boosted its position in Custom Truck One Source by 10.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,860,981 shares of the company’s stock valued at $28,000,000 after purchasing an additional 464,819 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Custom Truck One Source by 2.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,389,355 shares of the company’s stock valued at $28,575,000 after purchasing an additional 93,868 shares during the period. Institutional investors and hedge funds own 90.07% of the company’s stock.

Custom Truck One Source Stock Up 0.6%

The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -58.59 and a beta of 1.12. The company has a current ratio of 1.33, a quick ratio of 0.26 and a debt-to-equity ratio of 2.00. The stock has a 50-day moving average of $6.99 and a 200-day moving average of $6.48.

Custom Truck One Source Company Profile

Custom Truck One Source, Inc (NYSE: CTOS) is a North American provider of specialty rental equipment, parts and services. The company’s fleet encompasses a wide range of assets, including cranes, aerial work platforms, trench safety and shoring equipment, fluid management solutions, generators and other industrial machinery. Customers rely on Custom Truck One Source to support projects in construction, energy, telecommunications, industrial manufacturing, municipalities and large-scale events.

Headquartered in Plano, Texas, Custom Truck One Source has expanded through a combination of organic growth and strategic acquisitions to establish a network of more than 140 branch locations across the United States and Canada.