Custom Truck One Source (NYSE:CTOS) Shares Gap Up - Here's Why

Shares of Custom Truck One Source, Inc. (NYSE:CTOS - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $4.02, but opened at $5.35. Custom Truck One Source shares last traded at $4.85, with a volume of 525,889 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Oppenheimer increased their target price on shares of Custom Truck One Source from $5.00 to $6.00 and gave the company an "outperform" rating in a report on Thursday.

Custom Truck One Source Stock Performance

The firm has a market cap of $1.14 billion, a P/E ratio of -30.59 and a beta of 0.67. The company has a current ratio of 1.28, a quick ratio of 0.19 and a debt-to-equity ratio of 1.87. The business's fifty day simple moving average is $4.85 and its 200-day simple moving average is $4.51.

Insiders Place Their Bets

In other news, major shareholder Pe One Source Holdings, Llc purchased 8,143,635 shares of the business's stock in a transaction on Thursday, January 30th. The shares were acquired at an average price of $4.00 per share, with a total value of $32,574,540.00. Following the acquisition, the insider now directly owns 156,743,635 shares in the company, valued at approximately $626,974,540. The trade was a 5.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 5.60% of the company's stock.

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Institutional Investors Weigh In On Custom Truck One Source

Several institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Custom Truck One Source by 18.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,394 shares of the company's stock worth $94,000 after purchasing an additional 2,999 shares during the period. Jane Street Group LLC lifted its position in shares of Custom Truck One Source by 4.9% in the 3rd quarter. Jane Street Group LLC now owns 89,432 shares of the company's stock worth $309,000 after purchasing an additional 4,155 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Custom Truck One Source by 4.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 114,050 shares of the company's stock worth $549,000 after purchasing an additional 4,424 shares during the period. Barclays PLC lifted its position in shares of Custom Truck One Source by 5.8% in the 4th quarter. Barclays PLC now owns 89,436 shares of the company's stock worth $430,000 after purchasing an additional 4,910 shares during the period. Finally, D.A. Davidson & CO. lifted its position in shares of Custom Truck One Source by 20.5% in the 3rd quarter. D.A. Davidson & CO. now owns 29,240 shares of the company's stock worth $101,000 after purchasing an additional 4,975 shares during the period. 90.07% of the stock is owned by hedge funds and other institutional investors.

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).