Ashtead Group (OTCMKTS:ASHTY) Stock Passes Below 50-Day Moving Average – Here’s Why

Ashtead Group plc (OTCMKTS:ASHTY)’s share price passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $251.85 and traded as low as $227.79. Ashtead Group shares last traded at $230.74, with a volume of 10,810 shares.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ASHTY. The Goldman Sachs Group downgraded shares of Ashtead Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Royal Bank of Canada raised shares of Ashtead Group from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Ashtead Group in a research note on Wednesday, March 5th. One analyst has rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy”.

Ashtead Group Price Performance

The company’s 50-day moving average price is $251.55 and its two-hundred day moving average price is $279.61. The company has a market cap of $24.84 billion, a P/E ratio of 16.19, a P/E/G ratio of 1.49 and a beta of 1.77. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 1.09.

Ashtead Group (OTCMKTS:ASHTY) last released its earnings results on Tuesday, March 4th. The company reported $3.09 earnings per share for the quarter, missing the consensus estimate of $3.47 by ($0.38). The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.16 billion. Ashtead Group had a return on equity of 22.65% and a net margin of 14.78%. As a group, sell-side analysts expect that Ashtead Group plc will post 15.51 earnings per share for the current year.

About Ashtead Group

Ashtead Group plc, together with its subsidiaries, engages in the construction, industrial, and general equipment rental business in the United States, the United Kingdom, and Canada. It provides pumps, power generation, heating, cooling, scaffolding, traffic management, temporary flooring, trench shoring, and lifting services.