Alta Equipment Group Inc. (ALTG) – What Are Analysts Thinking About This Stock?

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have been assigned an average rating of “Hold” from the five research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $9.17.

A number of brokerages have weighed in on ALTG. Wall Street Zen upgraded Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Citigroup reissued an “outperform” rating on shares of Alta Equipment Group in a research note on Friday, September 25th. Northland Securities set a $12.00 target price on Alta Equipment Group in a research report on Friday, September 25th. DA Davidson decreased their target price on Alta Equipment Group from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a report on Wednesday, August 26th.

Alta Equipment Group Price Performance

Shares of ALTG traded down $0.36 during trading hours on Friday, hitting $5.30. 202,503 shares of the stock were exchanged, compared to its average volume of 253,841. Alta Equipment Group has a fifty-two week low of $4.16 and a fifty-two week high of $8.69. The business has a 50-day moving average of $6.22 and a 200-day moving average of $6.48. The firm has a market capitalization of $173.22 million, a P/E ratio of -3.25 and a beta of 1.76.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Monday, November 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.11). The firm had revenue of $417.40 million during the quarter, compared to analyst estimates of $452.30 million. Alta Equipment Group had a negative net margin of 2.77% and a negative return on equity of 3,253.61%. As a group, analysts forecast that Alta Equipment Group will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC bought a new stake in shares of Alta Equipment Group in the 3rd quarter valued at $209,000. Nantahala Capital Management LLC lifted its position in shares of Alta Equipment Group by 9.3% during the 3rd quarter. Nantahala Capital Management LLC now owns 791,839 shares of the company’s stock valued at $4,814,000 after acquiring an additional 67,065 shares during the period. Ieq Capital LLC acquired a new position in shares of Alta Equipment Group during the 3rd quarter valued at $125,000. Royce & Associates LP boosted its stake in Alta Equipment Group by 14.9% during the third quarter. Royce & Associates LP now owns 1,161,002 shares of the company’s stock worth $7,059,000 after acquiring an additional 150,706 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Alta Equipment Group during the third quarter worth $200,000. 73.58% of the stock is currently owned by institutional investors.

Alta Equipment Group Company Profile

Alta Equipment Group is a North American equipment dealership that sells, rents, and services equipment used in material handling, construction, and related industries. Its offerings include forklifts and other material handling equipment, construction machinery, and aerial work platforms. The company supports customers with equipment rentals, replacement parts, maintenance, repairs, and other aftermarket services. These offerings serve businesses that use equipment for activities such as warehousing, manufacturing, construction, and infrastructure work.