EquipmentShare.com (NASDAQ:EQPT) to Repurchase $500.00 million in Shares

EquipmentShare.com (NASDAQ:EQPT) declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 22nd, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 11.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

EquipmentShare.com Price Performance

Shares of EquipmentShare.com stock opened at $17.34 on Thursday. EquipmentShare.com has a 1 year low of $15.71 and a 1 year high of $35.50. The company has a market capitalization of $4.38 billion and a price-to-earnings ratio of 133.38. The company has a current ratio of 2.47, a quick ratio of 1.90 and a debt-to-equity ratio of 2.71. The company’s 50 day moving average is $20.34.

EquipmentShare.com (NASDAQ:EQPT) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.15. The company had revenue of $989.00 million during the quarter. EquipmentShare.com’s revenue was up 38.1% on a year-over-year basis. As a group, research analysts anticipate that EquipmentShare.com will post 0.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on EQPT. Wells Fargo & Company lowered their price target 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. Weiss Ratings cut shares of EquipmentShare.com from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $42.00 price objective on shares of EquipmentShare.com in a report on Monday, June 22nd. BNP Paribas Exane initiated coverage on shares of EquipmentShare.com in a research note on Monday, June 29th. They issued a “neutral” rating and a $22.00 price objective for the company. Finally, Citigroup boosted their target price on shares of EquipmentShare.com from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Six research 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’s stock. According to MarketBeat, EquipmentShare.com currently has an average rating of “Hold” and an average target price of $36.33.

Insider Transactions at EquipmentShare.com

In related news, CEO Jabbok Schlacks bought 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average cost of $21.12 per share, for a total transaction of $1,056,000.00. Following the completion of the transaction, the chief executive officer owned 50,000 shares of the company’s stock, valued at approximately $1,056,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director W Bryan Hill bought 21,803 shares of EquipmentShare.com stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average cost of $22.89 per share, for a total transaction of $499,070.67. Following the purchase, the director owned 35,794 shares of the company’s stock, valued at $819,324.66. The trade was a 155.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 81,803 shares of company stock valued at $1,797,271. 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.