Custom Truck One Source (NYSE:CTOS) Shares Gap Down on Disappointing Earnings

Custom Truck One Source, Inc. (NYSE:CTOS)’s stock price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $4.66, but opened at $4.15. Custom Truck One Source shares last traded at $4.09, with a volume of 21,137 shares trading hands.

The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.09). The company had revenue of $423.00 million during the quarter, compared to analyst estimates of $456.23 million. Custom Truck One Source had a net margin of 1.24% and a return on equity of 2.48%. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. During the same quarter last year, the company posted $0.05 EPS.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Stifel Nicolaus initiated coverage on Custom Truck One Source in a research report on Friday, June 14th. They set a “hold” rating and a $5.50 price objective on the stock. Robert W. Baird decreased their price target on shares of Custom Truck One Source from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. JPMorgan Chase & Co. decreased their price target on shares of Custom Truck One Source from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Oppenheimer decreased their price target on shares of Custom Truck One Source from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Monday, May 13th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Custom Truck One Source presently has an average rating of “Moderate Buy” and an average target price of $7.25.

Insider Activity at Custom Truck One Source

In other news, Director Marshall Heinberg bought 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was acquired at an average cost of $4.07 per share, with a total value of $162,800.00. Following the transaction, the director now directly owns 293,856 shares of the company’s stock, valued at approximately $1,195,993.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Ryan Mcmonagle acquired 10,000 shares of Custom Truck One Source stock in a transaction on Wednesday, May 8th. The stock was acquired at an average cost of $4.04 per share, with a total value of $40,400.00. Following the transaction, the chief executive officer now owns 496,587 shares of the company’s stock, valued at approximately $2,006,211.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marshall Heinberg bought 40,000 shares of Custom Truck One Source stock in a transaction dated Tuesday, May 7th. The stock was acquired at an average cost of $4.07 per share, with a total value of $162,800.00. Following the completion of the acquisition, the director now owns 293,856 shares of the company’s stock, valued at $1,195,993.92. The disclosure for this purchase can be found here. Insiders have purchased 73,000 shares of company stock worth $293,560 in the last quarter. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Custom Truck One Source

A number of hedge funds have recently modified their holdings of CTOS. Koshinski Asset Management Inc. bought a new position in shares of Custom Truck One Source in the first quarter worth $58,000. Cetera Advisors LLC bought a new position in Custom Truck One Source in the 1st quarter worth about $68,000. MQS Management LLC purchased a new stake in shares of Custom Truck One Source in the 1st quarter valued at about $75,000. First Merchants Corp bought a new stake in shares of Custom Truck One Source during the 2nd quarter valued at about $87,000. Finally, Arbor Wealth Advisors LLC purchased a new position in shares of Custom Truck One Source during the fourth quarter worth about $94,000. Institutional investors own 90.07% of the company’s stock.

Custom Truck One Source Stock Performance

The company’s 50-day moving average is $4.59 and its two-hundred day moving average is $5.33. The company has a market capitalization of $983.32 million, a P/E ratio of 42.50 and a beta of 0.70. The company has a quick ratio of 0.22, a current ratio of 1.34 and a debt-to-equity ratio of 1.66.

About Custom Truck One Source

Custom Truck One Source, Inc provides specialty equipment rental and sale services to the electric utility transmission and distribution, telecommunications, rail, forestry, waste management, and other infrastructure-related industries in the United States and Canada. The company operates through three segments: Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS).