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

RB Global (NYSE:RBA) (TSE:RBA) had its target price boosted by investment analysts at CIBC from $102.00 to $109.00 in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage presently has an “outperformer” rating on the business services provider’s stock. CIBC’s price objective indicates a potential upside of 14.89% from the stock’s previous close.

A number of other brokerages have also recently weighed in on RBA. BMO Capital Markets increased their price target on RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Royal Bank of Canada increased their target price on RB Global from $99.00 to $107.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Robert W. Baird boosted their price target on shares of RB Global from $86.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Bank of America increased their price objective on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.36.

RB Global Price Performance

Shares of NYSE:RBA opened at $94.87 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 0.52. The firm has a 50-day simple moving average of $89.95 and a 200 day simple moving average of $83.45. RB Global has a fifty-two week low of $60.84 and a fifty-two week high of $99.79. The company has a market cap of $17.49 billion, a PE ratio of 51.56, a P/E/G ratio of 4.61 and a beta of 0.95.

Insider Buying and Selling at RB Global

In other RB Global news, CEO James Francis Kessler sold 17,883 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $84.19, for a total transaction of $1,505,569.77. Following the completion of the transaction, the chief executive officer now directly owns 86,247 shares of the company’s stock, valued at approximately $7,261,134.93. This trade represents a 17.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.32% of the stock is owned by corporate insiders.

Institutional Trading of RB Global

A number of hedge funds and other institutional investors have recently modified their holdings of RBA. UMB Bank n.a. grew its holdings 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 worth $47,000 after acquiring an additional 388 shares during the period. Quarry LP acquired a new position in shares of RB Global in the 2nd quarter worth approximately $53,000. Nisa Investment Advisors LLC raised its holdings in shares of RB Global by 33.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock worth $64,000 after purchasing an additional 210 shares in the last quarter. Covestor Ltd lifted its stake in RB Global by 533.1% during the third quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock valued at $65,000 after purchasing an additional 677 shares during the last quarter. Finally, Hollencrest Capital Management boosted its holdings in RB Global by 99.8% during the third quarter. Hollencrest Capital Management now owns 875 shares of the business services provider’s stock worth $70,000 after buying an additional 437 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

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.