Barclays Has Lowered Expectations for RB Global (NYSE:RBA) Stock Price

RB Global (NYSE:RBA) (TSE:RBA) had its price objective cut by research analysts at Barclays from $124.00 to $121.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the business services provider’s stock. Barclays‘s price target suggests a potential upside of 10.89% from the stock’s previous close.

Several other analysts have also recently commented on RBA. Weiss Ratings reiterated a “buy (b-)” rating on shares of RB Global in a report on Tuesday, May 26th. BMO Capital Markets restated an “outperform” rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Stephens restated an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. Zacks Research raised shares of RB Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. Finally, Raymond James Financial upgraded shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $127.57.

RB Global Stock Down 1.3%

Shares of RBA opened at $109.12 on Wednesday. The company has a market capitalization of $20.23 billion, a PE ratio of 50.75, a PEG ratio of 1.73 and a beta of 0.55. RB Global has a 12 month low of $93.58 and a 12 month high of $119.58. The stock’s 50-day moving average price is $108.62 and its two-hundred day moving average price is $106.31. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The firm had revenue of $888.01 million for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the company posted $0.89 EPS. The business’s revenue was up 11.4% on a year-over-year basis. On average, analysts anticipate that RB Global will post 4.16 EPS for the current year.

Insiders Place Their Bets

In other RB Global news, Director Deborah Stein purchased 425 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the acquisition, the director owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. This represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in RB Global by 94.3% in the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider’s stock valued at $1,031,000 after purchasing an additional 5,090 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of RB Global by 53.1% during the 1st quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock worth $59,000 after purchasing an additional 204 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of RB Global by 857.9% during the 1st quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider’s stock worth $375,000 after purchasing an additional 3,346 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of RB Global by 35.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider’s stock valued at $33,940,000 after buying an additional 88,813 shares during the period. Finally, Woodline Partners LP acquired a new stake in shares of RB Global in the 1st quarter valued at about $4,103,000. 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.