Shares of Ritchie Bros. Auctioneers Inc (TSE:RBA) (NYSE:RBA) dropped 10.1% during mid-day trading on Friday . The company traded as low as C$35.39 and last traded at C$32.15. Approximately 787,785 shares traded hands during mid-day trading, an increase of 446% from the average daily volume of 144,407 shares. The stock had previously closed at C$35.75.
RBA has been the topic of a number of research reports. Scotiabank reiterated an “outperform” rating and issued a C$41.00 price target on shares of Ritchie Bros. Auctioneers in a report on Tuesday, September 12th. Raymond James Financial, Inc. dropped their price objective on shares of Ritchie Bros. Auctioneers to C$36.00 and set a “market perform” rating for the company in a research note on Tuesday, October 10th. Finally, TD Securities dropped their price objective on shares of Ritchie Bros. Auctioneers to C$29.00 and set a “reduce” rating for the company in a research note on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of C$38.20.
In related news, insider Sharon Driscoll acquired 1,375 shares of the stock in a transaction on Thursday, September 7th. The stock was bought at an average cost of C$36.17 per share, with a total value of C$49,733.75.
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About Ritchie Bros. Auctioneers
Ritchie Bros Auctioneers Inc is a Canada-based holding company. The Company is an industrial auctioneer and used equipment distributor, selling used equipment and other assets. Its segments include Core Auction, which is a network of auction locations that conduct live, unreserved auctions with both on-site and online bidding, and Other, which includes its EquipmentOne and Mascus International Holding B.V.
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