RB Global (NYSE:RBA) Reaches New 1-Year High – Here’s What Happened

RB Global, Inc. (NYSE:RBA) (TSE:RBA) shares hit a new 52-week high on Wednesday . The stock traded as high as $88.22 and last traded at $88.05, with a volume of 21696 shares. The stock had previously closed at $86.63.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. BMO Capital Markets assumed coverage on shares of RB Global in a report on Thursday, September 5th. They issued an “outperform” rating and a $105.00 target price for the company. Bank of America lifted their price objective on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Royal Bank of Canada upped their target price on RB Global from $93.00 to $99.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Robert W. Baird lifted their price target on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Raymond James boosted their price objective on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $92.19.

RB Global Stock Performance

The stock has a 50 day simple moving average of $83.54 and a 200 day simple moving average of $79.55. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 0.55. The company has a market cap of $16.94 billion, a price-to-earnings ratio of 52.14, a PEG ratio of 5.82 and a beta of 0.92.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.06. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. During the same quarter in the prior year, the business earned $0.42 EPS. RB Global’s quarterly revenue was down .9% compared to the same quarter last year. As a group, analysts predict that RB Global, Inc. will post 1.92 EPS for the current year.

Insider Activity

In other RB Global news, CRO James J. Jeter sold 2,920 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total value of $230,563.20. Following the transaction, the executive now owns 23,267 shares in the company, valued at $1,837,162.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other RB Global news, CRO James J. Jeter sold 2,920 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the sale, the executive now owns 23,267 shares in the company, valued at $1,837,162.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Darren Jeffrey Watt sold 2,915 shares of RB Global stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $82.80, for a total value of $241,362.00. Following the sale, the insider now owns 19,271 shares in the company, valued at $1,595,638.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,601 shares of company stock worth $3,720,043. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV raised its stake in shares of RB Global by 58.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 165 shares in the last quarter. UMB Bank n.a. raised its stake in RB Global by 196.0% during the third quarter. UMB Bank n.a. now owns 586 shares of the business services provider’s stock valued at $47,000 after buying an additional 388 shares in the last quarter. Quarry LP acquired a new stake in RB Global during the second quarter valued at approximately $53,000. Nisa Investment Advisors LLC lifted its holdings in RB Global by 33.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock worth $64,000 after buying an additional 210 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of RB Global by 533.1% in the 3rd quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock worth $65,000 after acquiring an additional 677 shares in the last quarter. 95.37% of the stock is currently owned by 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.