Bank of America Issues Pessimistic Forecast for RB Global (NYSE:RBA) Stock Price

RB Global (NYSE:RBA) (TSE:RBA) had its price objective dropped by Bank of America from $120.00 to $114.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the business services provider’s stock. Bank of America‘s price target would suggest a potential upside of 13.93% from the stock’s previous close.

RBA has been the topic of several other research reports. CIBC lifted their target price on RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a research note on Friday, July 18th. National Bankshares reduced their price target on RB Global from $113.00 to $111.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 9th. Royal Bank Of Canada raised their price target on RB Global from $125.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Raymond James Financial increased their price objective on shares of RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Finally, Wall Street Zen raised shares of RB Global from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, RB Global currently has an average rating of “Moderate Buy” and a consensus target price of $122.57.

RB Global Stock Performance

Shares of RBA traded up $3.86 during trading hours on Friday, hitting $100.07. The company’s stock had a trading volume of 658,122 shares, compared to its average volume of 1,087,422. The business has a 50 day simple moving average of $107.95 and a two-hundred day simple moving average of $107.51. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. RB Global has a 52-week low of $85.55 and a 52-week high of $119.58. The company has a market cap of $18.58 billion, a price-to-earnings ratio of 49.54, a PEG ratio of 2.48 and a beta of 0.66.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the firm posted $0.94 EPS. RB Global’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, equities analysts expect that RB Global will post 2.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $118.15, for a total value of $254,140.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of RB Global by 0.5% during the third quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider’s stock valued at $2,744,455,000 after acquiring an additional 124,926 shares during the period. Massachusetts Financial Services Co. MA increased its position in RB Global by 7.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,726,926 shares of the business services provider’s stock valued at $1,162,370,000 after acquiring an additional 705,423 shares during the period. Vontobel Holding Ltd. boosted its position in RB Global by 10.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 7,215,414 shares of the business services provider’s stock worth $781,862,000 after acquiring an additional 672,450 shares during the period. Geode Capital Management LLC grew its stake in shares of RB Global by 7.5% in the second quarter. Geode Capital Management LLC now owns 4,552,803 shares of the business services provider’s stock worth $482,383,000 after purchasing an additional 317,781 shares in the last quarter. Finally, Fiera Capital Corp lifted its holdings in RB Global by 2.7% in the second quarter. Fiera Capital Corp now owns 3,876,595 shares of the business services provider’s stock worth $411,586,000 after purchasing an additional 102,681 shares during the period. Institutional investors and hedge funds own 95.37% of the company’s stock.

About RB Global

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.