Custom Truck One Source, Inc. (NYSE:CTOS) Sees Large Decline in Short Interest

Custom Truck One Source, Inc. (NYSE:CTOS) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 1,820,000 shares, a drop of 16.9% from the August 15th total of 2,190,000 shares. Based on an average daily volume of 308,300 shares, the short-interest ratio is currently 5.9 days. Approximately 3.0% of the shares of the company are short sold.

Insider Buying and Selling

In related news, Director Ecp Controlco, Llc sold 41,140 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $6.51, for a total transaction of $267,821.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Custom Truck One Source

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virginia Retirement Systems ET AL bought a new stake in shares of Custom Truck One Source in the second quarter worth $280,000. California State Teachers Retirement System grew its position in shares of Custom Truck One Source by 229.0% in the 2nd quarter. California State Teachers Retirement System now owns 72,995 shares of the company’s stock valued at $492,000 after buying an additional 50,809 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Custom Truck One Source by 46.4% in the second quarter. Alliancebernstein L.P. now owns 53,740 shares of the company’s stock valued at $362,000 after buying an additional 17,040 shares during the period. Wells Fargo & Company MN raised its position in shares of Custom Truck One Source by 49.7% during the second quarter. Wells Fargo & Company MN now owns 45,769 shares of the company’s stock worth $308,000 after acquiring an additional 15,185 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Custom Truck One Source in the second quarter worth approximately $280,000. 91.92% of the stock is currently owned by institutional investors and hedge funds.

Custom Truck One Source Stock Performance

Shares of CTOS traded down $0.12 during midday trading on Tuesday, reaching $6.30. The stock had a trading volume of 222,562 shares, compared to its average volume of 288,454. The company has a current ratio of 1.41, a quick ratio of 0.36 and a debt-to-equity ratio of 1.55. Custom Truck One Source has a one year low of $5.53 and a one year high of $7.64. The firm has a 50 day simple moving average of $6.67 and a 200-day simple moving average of $6.65. The firm has a market cap of $1.55 billion, a PE ratio of 27.94, a P/E/G ratio of 0.78 and a beta of 0.59.

Custom Truck One Source (NYSE:CTOS) last announced its earnings results on Tuesday, August 8th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.02 by $0.03. Custom Truck One Source had a net margin of 3.08% and a return on equity of 6.64%. The company had revenue of $456.80 million for the quarter, compared to analysts’ expectations of $387.92 million. During the same period last year, the firm earned $0.03 earnings per share. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Custom Truck One Source will post 0.26 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating and set a $9.00 price objective on shares of Custom Truck One Source in a report on Wednesday, August 9th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Custom Truck One Source from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Finally, Citigroup upped their price objective on shares of Custom Truck One Source from $8.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $9.58.

About Custom Truck One Source

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