Alta Equipment Group (NYSE:ALTG) Price Target Lowered to $8.00 at DA Davidson

Alta Equipment Group (NYSE:ALTG) had its price target reduced by DA Davidson from $9.00 to $8.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s price objective would indicate a potential upside of 52.38% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. B. Riley began coverage on shares of Alta Equipment Group in a report on Thursday, March 27th. They issued a “buy” rating and a $10.00 price target on the stock. Raymond James decreased their price objective on shares of Alta Equipment Group from $8.50 to $7.00 and set a “market perform” rating for the company in a research note on Friday. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Alta Equipment Group has a consensus rating of “Moderate Buy” and a consensus price target of $11.25.

Alta Equipment Group Trading Down 3.3%

ALTG stock traded down $0.18 during trading on Monday, hitting $5.25. The company had a trading volume of 22,602 shares, compared to its average volume of 195,032. The firm has a market capitalization of $172.52 million, a P/E ratio of -3.09 and a beta of 1.53. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $11.39. The company has a 50 day simple moving average of $4.65 and a 200-day simple moving average of $6.17. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 7.45.

Alta Equipment Group (NYSE:ALTG) last posted its earnings results on Wednesday, May 7th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.05). The business had revenue of $423.00 million for the quarter, compared to analysts’ expectations of $436.15 million. Alta Equipment Group had a negative net margin of 2.81% and a negative return on equity of 42.09%. As a group, research analysts forecast that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Alta Equipment Group

In related news, COO Craig Brubaker sold 5,294 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total value of $26,470.00. Following the sale, the chief operating officer now owns 98,640 shares of the company’s stock, valued at $493,200. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Alta Equipment Group

Several hedge funds have recently added to or reduced their stakes in the company. Barclays PLC grew its holdings in shares of Alta Equipment Group by 302.8% during the third quarter. Barclays PLC now owns 38,327 shares of the company’s stock worth $258,000 after purchasing an additional 28,812 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Alta Equipment Group by 167.8% during the third quarter. JPMorgan Chase & Co. now owns 51,418 shares of the company’s stock worth $347,000 after acquiring an additional 32,218 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Alta Equipment Group by 20.8% during the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock worth $90,000 after acquiring an additional 2,375 shares during the last quarter. Rhumbline Advisers grew its position in Alta Equipment Group by 5.7% in the 4th quarter. Rhumbline Advisers now owns 33,968 shares of the company’s stock valued at $222,000 after buying an additional 1,827 shares during the last quarter. Finally, Quantum Private Wealth LLC grew its position in Alta Equipment Group by 12.4% in the 4th quarter. Quantum Private Wealth LLC now owns 89,240 shares of the company’s stock valued at $584,000 after buying an additional 9,860 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company’s stock.

Alta Equipment Group Company Profile

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.