RB Global Inc (RBA)

Ritchie Bros. Auctioneersr Stock (RBA) dropped by 10.33% from $67.07 to $60.14 in the trading on Friday November 10, 2023. The reasons why RBA stock down today include:

• Customer loss: The vehicle-marketplace company said a business it acquired this year had lost a key customer. This customer constituted 4% of gross transaction value, 5% of lot volumes, and 3% of consolidated revenue for IAA, an online marketplace specializing in car parts and damaged vehicles. RB Global (RBA) stated that this loss would impact revenues beginning in the first quarter of 2024.
• Analyst downgrade: Royal Bank of Canada lowered their price target on RBA stock from C$75.00 to C$73.00. Royal Bank of Canada currently has an outperform rating on the stock.