Royal Bank Of Canada Forecasts Strong Price Appreciation for RB Global (NYSE:RBA) Stock

RB Global (NYSE:RBA) (TSE:RBA) had its price objective upped by research analysts at Royal Bank Of Canada from $132.00 to $133.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the business services provider’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 32.44% from the company’s previous close.

Other analysts have also issued reports about the stock. National Bankshares reduced their price target on shares of RB Global from $113.00 to $111.00 and set a “sector perform” rating for the company in a research note on Thursday, October 9th. Wall Street Zen raised shares of RB Global from a “hold” rating to a “buy” rating in a research report on Saturday, October 25th. CIBC increased their price target on RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a report on Friday, July 18th. Raymond James Financial raised their price target on RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Finally, Weiss Ratings cut RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $122.71.

RB Global Stock Up 4.4%

RBA stock traded up $4.22 during trading on Friday, hitting $100.43. 1,406,694 shares of the stock traded hands, compared to its average volume of 1,091,180. The stock has a market cap of $18.65 billion, a price-to-earnings ratio of 49.72, a price-to-earnings-growth ratio of 2.48 and a beta of 0.66. 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 1 year low of $85.55 and a 1 year high of $119.58. The firm’s 50 day moving average is $107.95 and its two-hundred day moving average is $107.51.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Thursday, November 6th. The business services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.10. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. The business’s revenue was up 12.0% on a year-over-year basis. On average, sell-side analysts anticipate that RB Global will post 2.5 EPS for the current year.

Insider Buying and Selling

In other news, insider Michael Thomas Steven Lewis sold 2,151 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $118.15, for a total value of $254,140.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RB Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SouthState Corp purchased a new position in RB Global during the first quarter valued at approximately $26,000. SVB Wealth LLC purchased a new stake in shares of RB Global in the first quarter worth $28,000. IFP Advisors Inc raised its position in shares of RB Global by 348.8% during the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 279 shares during the period. Rise Advisors LLC purchased a new position in shares of RB Global during the 1st quarter valued at $38,000. Finally, Spire Wealth Management lifted its stake in shares of RB Global by 1,090.6% during the 3rd quarter. Spire Wealth Management now owns 381 shares of the business services provider’s stock valued at $41,000 after buying an additional 349 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

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.