Short Interest in Custom Truck One Source, Inc. (NYSE:CTOS) Drops By 8.5%

Custom Truck One Source, Inc. (NYSE:CTOS) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 4,210,000 shares, a decline of 8.5% from the October 31st total of 4,600,000 shares. Based on an average daily volume of 628,600 shares, the days-to-cover ratio is currently 6.7 days. Currently, 7.8% of the company’s shares are short sold.

Analysts Set New Price Targets

Separately, Oppenheimer decreased their target price on Custom Truck One Source from $6.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $5.63.

Insiders Place Their Bets

In related news, major shareholder Ecp Controlco, Llc sold 2,354,109 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $3.42, for a total transaction of $8,051,052.78. Following the sale, the insider now directly owns 23,384,879 shares in the company, valued at approximately $79,976,286.18. The trade was a 9.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. purchased a new stake in shares of Custom Truck One Source during the 2nd quarter valued at approximately $47,000. Intech Investment Management LLC acquired a new position in shares of Custom Truck One Source during the third quarter worth $56,000. SG Americas Securities LLC acquired a new position in shares of Custom Truck One Source during the third quarter worth $64,000. Cetera Advisors LLC acquired a new position in shares of Custom Truck One Source during the first quarter worth $68,000. Finally, First Merchants Corp purchased a new stake in Custom Truck One Source in the second quarter valued at $87,000. 90.07% of the stock is owned by hedge funds and other institutional investors.

Custom Truck One Source Price Performance

Shares of NYSE:CTOS traded down $0.15 during mid-day trading on Monday, reaching $5.83. The stock had a trading volume of 369,843 shares, compared to its average volume of 606,302. The business’s 50 day moving average price is $4.16 and its 200 day moving average price is $4.30. The company has a current ratio of 1.28, a quick ratio of 0.19 and a debt-to-equity ratio of 1.87. Custom Truck One Source has a 1 year low of $3.03 and a 1 year high of $7.00. The company has a market cap of $1.36 billion, a P/E ratio of -35.88 and a beta of 0.61.

Custom Truck One Source (NYSE:CTOS) last posted its earnings results on Wednesday, October 30th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04). The company had revenue of $447.22 million for the quarter, compared to analysts’ expectations of $448.46 million. Custom Truck One Source had a negative return on equity of 4.57% and a negative net margin of 2.22%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. Research analysts expect that Custom Truck One Source will post -0.21 EPS for the current fiscal year.

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).