Wall Street Zen Upgrades Alta Equipment Group (NYSE:ALTG) to “Hold”

Alta Equipment Group (NYSE:ALTG) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other analysts also recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a research report on Friday, May 29th. DA Davidson restated a “neutral” rating and issued a $8.00 price objective on shares of Alta Equipment Group in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Alta Equipment Group has an average rating of “Hold” and a consensus target price of $8.75.

Alta Equipment Group Stock Up 0.1%

NYSE:ALTG opened at $7.26 on Friday. The company has a market capitalization of $237.05 million, a PE ratio of -2.82 and a beta of 1.73. Alta Equipment Group has a 52-week low of $4.16 and a 52-week high of $8.88. The stock’s 50 day moving average price is $6.80 and its 200 day moving average price is $6.59.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.04). The firm had revenue of $475.50 million during the quarter, compared to analysts’ expectations of $488.71 million. Alta Equipment Group had a negative net margin of 4.42% and a negative return on equity of 3,253.61%. As a group, sell-side analysts anticipate that Alta Equipment Group will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Alta Equipment Group

Large investors have recently modified their holdings of the stock. CIBC Bancorp USA Inc. purchased a new stake in Alta Equipment Group in the 3rd quarter valued at approximately $3,435,000. JPMorgan Chase & Co. raised its stake in shares of Alta Equipment Group by 262.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock worth $1,444,000 after buying an additional 144,350 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Alta Equipment Group during the 3rd quarter worth approximately $968,000. Squarepoint Ops LLC lifted its holdings in shares of Alta Equipment Group by 612.6% in the 4th quarter. Squarepoint Ops LLC now owns 122,822 shares of the company’s stock valued at $565,000 after buying an additional 105,587 shares during the period. Finally, CastleKnight Management LP lifted its holdings in shares of Alta Equipment Group by 11.4% in the 4th quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock valued at $4,003,000 after buying an additional 89,068 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s stock.

About Alta Equipment Group

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.