Royal Bank of Canada Issues Positive Forecast for RB Global (NYSE:RBA) Stock Price

RB Global (NYSE:RBA) (TSE:RBA) had its target price increased by investment analysts at Royal Bank of Canada from $107.00 to $116.00 in a report released on Wednesday,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 10.06% from the company’s current price.

RBA has been the subject of several other reports. BMO Capital Markets raised their price objective on shares of RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. CIBC decreased their target price on shares of RB Global from $109.00 to $108.00 and set an “outperformer” rating on the stock in a report on Monday, February 3rd. StockNews.com raised shares of RB Global from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. Finally, Robert W. Baird boosted their target price on shares of RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, RB Global has an average rating of “Moderate Buy” and an average price target of $102.93.

RB Global Stock Performance

Shares of NYSE:RBA traded up $8.84 during trading on Wednesday, hitting $105.40. 830,588 shares of the stock were exchanged, compared to its average volume of 938,175. RB Global has a 1-year low of $65.99 and a 1-year high of $106.90. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.17 and a current ratio of 1.28. The company’s fifty day simple moving average is $91.45 and its 200-day simple moving average is $87.87. The company has a market capitalization of $19.47 billion, a price-to-earnings ratio of 57.10, a price-to-earnings-growth ratio of 4.01 and a beta of 0.96.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RBA. CTC Alternative Strategies Ltd. acquired a new position in RB Global during the 4th quarter worth approximately $209,000. Alpine Global Management LLC purchased a new stake in RB Global in the fourth quarter worth $789,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in RB Global during the fourth quarter worth about $39,080,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 acquiring an additional 116,106 shares in the last quarter. Finally, Vident Advisory LLC boosted its holdings in shares of RB Global by 24.0% in the fourth quarter. Vident Advisory LLC now owns 3,585 shares of the business services provider’s stock worth $323,000 after acquiring an additional 693 shares during the period. 95.37% of the stock is owned by 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.