Raymond James Forecasts Strong Price Appreciation for RB Global (NYSE:RBA) Stock

RB Global (NYSE:RBA) (TSE:RBA) had its price target lifted by equities research analysts at Raymond James from $110.00 to $118.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the business services provider’s stock. Raymond James’ price target points to a potential upside of 12.29% from the stock’s previous close.

RBA has been the subject of several other reports. Royal Bank of Canada increased their price objective on RB Global from $107.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday. CIBC reduced their price objective on RB Global from $109.00 to $108.00 and set an “outperformer” rating for the company in a research note on Monday, February 3rd. BMO Capital Markets increased their price objective on RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Robert W. Baird increased their price objective on RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, StockNews.com raised RB Global from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $105.79.

RB Global Trading Up 8.8 %

Shares of NYSE:RBA traded up $8.53 during midday trading on Wednesday, reaching $105.09. The company had a trading volume of 1,423,477 shares, compared to its average volume of 960,279. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.17 and a current ratio of 1.28. RB Global has a 1-year low of $65.99 and a 1-year high of $106.90. The firm has a market cap of $19.41 billion, a price-to-earnings ratio of 57.10, a price-to-earnings-growth ratio of 4.01 and a beta of 0.96. The company has a fifty day simple moving average of $91.45 and a two-hundred day simple moving average of $87.87.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Tuesday, February 18th. The business services provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.23). The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.06 billion. RB Global had a return on equity of 7.41% and a net margin of 9.06%. During the same period in the prior year, the company posted $0.82 earnings per share. Research analysts predict that RB Global will post 1.96 earnings per share for the current year.

Hedge Funds Weigh In On RB Global

Several institutional investors have recently bought and sold shares of the business. CTC Alternative Strategies Ltd. bought a new position in RB Global in the 4th quarter valued at $209,000. Alpine Global Management LLC bought a new stake in shares of RB Global during the fourth quarter worth $789,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in shares of RB Global during the fourth quarter worth $39,080,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of RB Global by 35.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 439,101 shares of the business services provider’s stock worth $39,611,000 after purchasing an additional 116,106 shares during the period. Finally, Vident Advisory LLC grew its stake in shares of RB Global by 24.0% during the fourth quarter. Vident Advisory LLC now owns 3,585 shares of the business services provider’s stock worth $323,000 after purchasing an additional 693 shares during the period. Institutional investors 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.