Alta Equipment Group (NYSE:ALTG) Price Target Cut to $9.00 by Analysts at Raymond James

Alta Equipment Group (NYSE:ALTG) had its price target cut by equities researchers at Raymond James from $10.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Raymond James’ target price would suggest a potential upside of 28.76% from the company’s previous close.

A number of other equities analysts have also recently weighed in on ALTG. DA Davidson lowered their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Northland Securities reiterated a “market perform” rating and set a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a report on Wednesday. Finally, Northland Capmk lowered shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Alta Equipment Group currently has an average rating of “Hold” and an average target price of $15.75.

Alta Equipment Group Stock Performance

NYSE:ALTG opened at $6.99 on Thursday. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.47 and a current ratio of 1.35. The stock has a market capitalization of $231.30 million, a P/E ratio of -4.11 and a beta of 1.67. The company has a 50 day moving average price of $6.55 and a 200 day moving average price of $7.85. Alta Equipment Group has a fifty-two week low of $5.40 and a fifty-two week high of $13.67.

Insider Activity

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total value of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares of the company’s stock, valued at $6,080,877.59. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Alta Equipment Group during the 3rd quarter worth $77,000. Quest Partners LLC purchased a new position in Alta Equipment Group during the 2nd quarter worth $80,000. The Manufacturers Life Insurance Company purchased a new position in Alta Equipment Group during the 2nd quarter worth $89,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Alta Equipment Group by 37.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock worth $95,000 after purchasing an additional 3,218 shares during the last quarter. Finally, EntryPoint Capital LLC grew its position in Alta Equipment Group by 88.0% during the 1st quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock worth $109,000 after purchasing an additional 3,940 shares during the last quarter. 73.58% of the stock is owned by hedge funds and other institutional investors.

About Alta Equipment Group

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates through three segments: Material Handling, Construction Equipment, and Master Distribution. The company operates a branch network that sells, rents, and provides parts and service support for various categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, and other construction equipment and related products.