RB Global (NYSE:RBA) Price Target Raised to $89.00

RB Global (NYSE:RBA) (TSE:RBA) had its target price raised by Scotiabank from $88.00 to $89.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the business services provider’s stock.

Other equities research analysts have also issued research reports about the stock. Raymond James raised their price target on shares of RB Global from $78.00 to $90.00 and gave the stock an outperform rating in a report on Monday, February 26th. StockNews.com raised shares of RB Global from a sell rating to a hold rating in a report on Friday, February 9th. Finally, Royal Bank of Canada raised their price target on shares of RB Global from $75.00 to $93.00 and gave the stock an outperform rating in a report on Monday, February 26th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, RB Global has an average rating of Moderate Buy and a consensus target price of $83.00.

RB Global Price Performance

Shares of NYSE:RBA opened at $73.16 on Wednesday. The company’s fifty day moving average price is $74.51 and its 200-day moving average price is $68.08. The firm has a market capitalization of $13.37 billion, a price-to-earnings ratio of 86.07, a PEG ratio of 5.52 and a beta of 0.87. RB Global has a one year low of $51.07 and a one year high of $77.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.35 and a quick ratio of 1.23.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Friday, February 23rd. The business services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.14. RB Global had a net margin of 5.61% and a return on equity of 4.19%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company earned $0.40 EPS. The firm’s revenue was up 134.5% on a year-over-year basis. On average, equities research analysts anticipate that RB Global will post 1.9 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Darren Jeffrey Watt sold 1,100 shares of RB Global stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $77.05, for a total transaction of $84,755.00. Following the sale, the insider now owns 21,103 shares of the company’s stock, valued at approximately $1,625,986.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CRO James J. Jeter sold 11,416 shares of RB Global stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $76.32, for a total transaction of $871,269.12. Following the completion of the transaction, the executive now directly owns 30,915 shares of the company’s stock, valued at approximately $2,359,432.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Darren Jeffrey Watt sold 1,100 shares of RB Global stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $77.05, for a total transaction of $84,755.00. Following the transaction, the insider now directly owns 21,103 shares of the company’s stock, valued at $1,625,986.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,816 shares of company stock valued at $1,133,055. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RBA. SG Americas Securities LLC lifted its position in RB Global by 120.4% during the 3rd quarter. SG Americas Securities LLC now owns 7,089 shares of the business services provider’s stock valued at $443,000 after acquiring an additional 3,872 shares during the period. WASHINGTON TRUST Co purchased a new position in RB Global during the 3rd quarter valued at about $56,000. Cardinal Point Capital Management ULC purchased a new position in RB Global during the 3rd quarter valued at about $413,000. Arcadia Investment Management Corp MI lifted its position in RB Global by 12.8% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 8,000 shares of the business services provider’s stock valued at $500,000 after acquiring an additional 905 shares during the period. Finally, Cigna Investments Inc. New purchased a new position in RB Global during the 3rd quarter valued at about $209,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Company Profile

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.