Price Action to Note: After Reaching 52-Week High, Is Ritchie Bros. Auctioneers (USA)’s Near-Term Analysis Positive?

Price Action to Note: After Reaching 52 Week High, Is Ritchie Bros. Auctioneers (USA)'s Near Term Analysis Positive?

The stock of Ritchie Bros. Auctioneers (USA) (NYSE:RBA) hit a new 52-week high and has $39.88 target or 6.00% above today’s $37.62 share price. The 6 months bullish chart indicates low risk for the $3.99B company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $39.88 price target is reached, the company will be worth $239.40 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock decreased 0.76% or $0.29 on November 28, hitting $37.62. About 366,394 shares traded hands. Ritchie Bros. Auctioneers (USA) (NYSE:RBA) has risen 32.60% since April 25, 2016 and is uptrending. It has outperformed by 26.58% the S&P500.

Analysts await Ritchie Bros. Auctioneers (USA) (NYSE:RBA) to report earnings on February, 23. They expect $0.31 earnings per share, up 6.90% or $0.02 from last year’s $0.29 per share. RBA’s profit will be $32.88 million for 30.34 P/E if the $0.31 EPS becomes a reality. After $0.20 actual earnings per share reported by Ritchie Bros. Auctioneers (USA) for the previous quarter, Wall Street now forecasts 55.00% EPS growth.

Ritchie Bros. Auctioneers (USA) (NYSE:RBA) Ratings Coverage

Out of 6 analysts covering Ritchie Bros. Auctioneers Incorporated (NYSE:RBA), 3 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 50% are positive. Ritchie Bros. Auctioneers Incorporated has been the topic of 15 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The firm has “Negative” rating by OTR Global given on Monday, October 12. The stock has “Hold” rating given by Jefferies on Wednesday, August 10. KeyBanc Capital Markets upgraded Ritchie Bros. Auctioneers (USA) (NYSE:RBA) on Monday, August 15 to “Overweight” rating. KeyBanc Capital Markets initiated the stock with “Sector Weight” rating in Friday, May 27 report. The firm has “Outperform” rating given on Wednesday, August 31 by RBC Capital Markets. The stock has “Outperform” rating given by Macquarie Research on Friday, August 26. The firm earned “Negative” rating on Friday, July 22 by OTR Global. The firm has “Neutral” rating given on Thursday, October 1 by Macquarie Research. Canaccord Genuity upgraded the stock to “Hold” rating in Monday, August 10 report. RBC Capital Markets maintained it with “Outperform” rating and $28.0 target price in Tuesday, January 12 report.

According to Zacks Investment Research, “Ritchie Bros. Auctioneers conduct unreserved public auctions every year at locations throughout North and Central America, Europe, Asia, Australia, Africa and the Middle East. The company is known for their innovative auction methods, attention to detail and their total commitment to the unreserved auction. The confidence this gives their customers has enabled Ritchie Bros. to become one of the largest industrial auctioneer in the world.”

More important recent Ritchie Bros. Auctioneers (USA) (NYSE:RBA) news were published by: Streetinsider.com which released: “Ritchie Bros. Auctioneers (RBA) to Acquire IronPlanet in $758.5M Deal” on August 30, 2016, also Fool.ca published article titled: “Ritchie Bros. Auctioneers Has a Plan for Massive Growth”, Fool.com published: “Ritchie Bros. Auctioneers Starts 2015 With a Win” on May 08, 2015. More interesting news about Ritchie Bros. Auctioneers (USA) (NYSE:RBA) was released by: Fool.com and their article: “Ritchie Bros. Auctioneers Bids for Faster Growth” with publication date: February 27, 2015.

RBA Company Profile

Ritchie Bros. Auctioneers Incorporated, incorporated on December 12, 1997, is a holding company. The Firm is an auctioneer of industrial equipment. The Firm is engaged in selling industrial equipment and other assets for the construction, agricultural, transportation, energy, mining, forestry, material handling, marine and real estate industries at its unreserved auctions and online marketplaces. The Firm focuses on the sale of heavy machinery. The Firm operates through two divisions: Core Auction segment and EquipmentOne segment. Core Auction segment offers a network of auction locations that conduct live, unreserved auctions with both on-site and online bidding. EquipmentOne segment is an online marketplace that facilitates private equipment transactions. The Firm sells equipment through unreserved auctions at approximately 40 auction sites across the world. The majority of the assets sold through the Company’s sales channels are classified as construction machinery. The Firm operates in over 15 countries across the world. The Company’s multi-channel sales solutions allow sellers to choose the method of sale based on their needed degree of control.

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