Custom Truck One Source, Inc. (NYSE:CTOS) has reported a notable stock purchase by company executive Joe P. Ross, President - Sales, according to the latest SEC filings. Ross acquired 84,254 shares of the company's common stock at a weighted average price of $3.977 per share, totaling approximately $335,078.
The transaction, which took place on August 7, 2024, saw the shares purchased in multiple transactions with prices ranging from $3.95 to $4.00. This purchase has increased Ross's direct holdings in the company to 249,834 shares. Additionally, Ross is associated with an indirect holding of 282,449 shares through Joseph P. Ross Holding Company, LLC, as indicated in the SEC filing.
Investors often monitor insider transactions as they can provide insights into how top executives view the company's stock value and potential future performance. The details of the transaction, including the range of prices at which the shares were bought, have been made available and can be provided upon request, as noted in the filing's footnotes.
Custom Truck One Source, Inc. specializes in equipment rental and leasing services and has been a significant player in the industry. The recent insider purchase by Ross may signal confidence in the company's future prospects and financial health.
The company and its executives have not made any further comments regarding the transaction. Investors and shareholders of Custom Truck One Source, Inc. can access full information about the purchase, including the specific number of shares acquired at each price within the reported range, as per the SEC filing requirements.
In other recent news, Custom Truck One Source (CTOS) has reported a series of developments following its second-quarter 2024 earnings release. The company's financial results revealed an EBITDA of $80.1 million, falling slightly below projected figures. Despite challenges in the utility market, which significantly impacts its Equipment Rental Solutions (ERS) segment, CTOS expects growth resurgence in 2025, backed by early indicators of improvement.
Financial analysts from Oppenheimer and DA Davidson have revised their price targets for CTOS following these developments. Oppenheimer lowered its price target from $7 to $6, maintaining an Outperform rating on the stock. DA Davidson also adjusted its price target from $10 to $9, retaining a Buy rating.
CTOS has adjusted its revenue and EBITDA guidance for 2024 due to near-term demand pressure in the utility market. The company anticipates a strong fourth quarter, typically its best period, projecting improvements in market conditions. These are recent developments for Custom Truck One Source, which remains focused on generating positive free cash flow for 2024 despite the current market challenges.
InvestingPro Insights
Custom Truck One Source, Inc. (NYSE:CTOS) has seen active movements both in the executive suite and in its stock performance. Joe P. Ross's recent purchase of company shares aligns with a broader pattern identified by InvestingPro Tips, which notes that management has been aggressively buying back shares. This could be a sign that the company's leadership is confident in CTOS's future and willing to invest personally in its success.
Notably, the market has responded to various challenges faced by Custom Truck One Source. The company's stock has experienced a significant decline over the last six months, with a 39.29% drop, reflecting broader market trends and perhaps internal factors specific to CTOS. Investors taking a closer look at the company's financials will find a P/E Ratio that stands at a stark -72.77, according to recent InvestingPro Data, which may raise questions about the company's current valuation and earnings potential.
However, there seems to be a silver lining as analysts predict that the company will be profitable this year, an InvestingPro Tip that could suggest a turnaround is on the horizon for CTOS. This forward-looking optimism is crucial for investors considering the long-term value of their holdings. Furthermore, with a Market Cap of 962.56M USD and Revenue Growth over the last twelve months at a modest 2.11%, the company is maintaining its foothold in the industry despite market fluctuations.
For investors seeking more detailed insights, there are additional InvestingPro Tips available. These tips provide a deeper dive into CTOS's financial health and strategic direction, including metrics such as free cash flow yield and profitability over the last twelve months. Access to these tips can be found at InvestingPro's dedicated CTOS page: https://www.investing.com/pro/CTOS.
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