Ritchie Bros. Auctioneers Incorporated [RBA] stock Upgrade by Scotiabank analyst, price target now $65

Ritchie Bros. Auctioneers Incorporated [NYSE: RBA] stock went on a downward path that fall over -3.39% on Friday, amounting to a one-week price decrease of less than -4.91%. The company report on March 10, 2023 that Luxor Comments on Preliminary Ritchie Bros Merger Vote.

Preliminary results show that ~46% of RBA votes cast AGAINST merger with IAA.

Luxor thanks Ritchie Bros. shareholders for acting as engaged fellow owners.

Over the last 12 months, RBA stock dropped by -2.52%. The one-year Ritchie Bros. Auctioneers Incorporated stock forecast points to a potential upside of 15.03. The average equity rating for RBA stock is currently 2.10, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $6.46 billion, with 110.88 million shares outstanding and 110.78 million shares in the current float. Compared to the average trading volume of 1.96M shares, RBA stock reached a trading volume of 16642294 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Ritchie Bros. Auctioneers Incorporated [RBA]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RBA shares is $66.07 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RBA stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Scotiabank have made an estimate for Ritchie Bros. Auctioneers Incorporated shares, keeping their opinion on the stock as Sector Outperform, with their previous recommendation back on December 05, 2022. The new note on the price target was released on November 14, 2022, representing the official price target for Ritchie Bros. Auctioneers Incorporated stock. Previously, the target price had yet another drop from $74 to $55, while BofA Securities kept a Neutral rating on RBA stock.

The Average True Range (ATR) for Ritchie Bros. Auctioneers Incorporated is set at 1.85, with the Price to Sales ratio for RBA stock in the period of the last 12 months amounting to 3.73. The Price to Book ratio for the last quarter was 4.83, with the Price to Cash per share for the same quarter was set at 4.29. Price to Free Cash Flow for RBA in the course of the last twelve months was 20.46 with Quick ratio for the last quarter at 1.10.

RBA Stock Performance Analysis:

Ritchie Bros. Auctioneers Incorporated [RBA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.91. With this latest performance, RBA shares dropped by -10.41% in over the last four-week period, additionally sinking by -17.31% over the last 6 months – not to mention a drop of -2.52% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RBA stock in for the last two-week period is set at 31.46, with the RSI for the last a single of trading hit 24.74, and the three-weeks RSI is set at 36.76 for Ritchie Bros. Auctioneers Incorporated [RBA]. The present Moving Average for the last 50 days of trading for this stock 60.29, while it was recorded at 59.08 for the last single week of trading, and 62.22 for the last 200 days.

Insight into Ritchie Bros. Auctioneers Incorporated Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Ritchie Bros. Auctioneers Incorporated [RBA] shares currently have an operating margin of +18.46 and a Gross Margin at +49.60. Ritchie Bros. Auctioneers Incorporated’s Net Margin is presently recorded at +18.44.

Return on Equity for this stock inclined to 26.85, with Return on Assets sitting at 9.89.

Ritchie Bros. Auctioneers Incorporated’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.20.

RBA Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for RBA. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Ritchie Bros. Auctioneers Incorporated go to 7.00%.

Ritchie Bros. Auctioneers Incorporated [RBA] Insider Position Details

There are presently around $5,560 million, or 84.90% of RBA stock, in the hands of institutional investors. The top three institutional holders of RBA stocks are: MASSACHUSETTS FINANCIAL SERVICES CO /MA/ with ownership of 7,725,132, which is approximately 6.585% of the company’s market cap and around 14.30% of the total institutional ownership; BEUTEL, GOODMAN & CO LTD., holding 5,767,291 shares of the stock with an approximate value of $323.78 million in RBA stocks shares; and INDEPENDENT FRANCHISE PARTNERS LLP, currently with $274.46 million in RBA stock with ownership of nearly 131.904% of the company’s market capitalization.

Positions in Ritchie Bros. Auctioneers Incorporated stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 191 institutional holders increased their position in Ritchie Bros. Auctioneers Incorporated [NYSE:RBA] by around 23,929,001 shares. Additionally, 175 investors decreased positions by around 16,361,174 shares, while 30 investors held positions by with 58,745,706 shares. The mentioned changes placed institutional holdings at 99,035,881 shares, according to the latest SEC report filing. RBA stock had 80 new institutional investments in for a total of 9,151,380 shares, while 35 institutional investors sold positions of 2,631,486 shares during the same period.