Analysts Set Expectations for Alta Equipment Group Inc.’s Q2 2022 Earnings (NYSE:ALTG)

Alta Equipment Group Inc. (NYSE:ALTGGet Rating) – Equities researchers at Raymond James reduced their Q2 2022 earnings estimates for Alta Equipment Group in a research report issued on Wednesday, May 11th. Raymond James analyst B. Fast now expects that the company will post earnings of $0.01 per share for the quarter, down from their prior estimate of $0.04. Raymond James has a “Outperform” rating and a $19.00 price objective on the stock. Raymond James also issued estimates for Alta Equipment Group’s Q4 2022 earnings at $0.11 EPS and FY2022 earnings at $0.11 EPS.

Alta Equipment Group (NYSE:ALTGGet Rating) last released its quarterly earnings data on Thursday, March 31st. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). Alta Equipment Group had a negative return on equity of 3.87% and a negative net margin of 1.72%. The firm had revenue of $356.30 million for the quarter, compared to the consensus estimate of $300.20 million. During the same period in the previous year, the business earned ($0.09) EPS.

Other research analysts have also issued research reports about the stock. B. Riley reduced their price objective on shares of Alta Equipment Group from $22.00 to $16.00 in a research note on Wednesday. Zacks Investment Research upgraded shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Monday, March 28th.

Alta Equipment Group stock opened at $9.85 on Thursday. The company’s 50 day simple moving average is $11.97 and its 200 day simple moving average is $13.52. Alta Equipment Group has a fifty-two week low of $9.73 and a fifty-two week high of $17.38. The firm has a market capitalization of $318.78 million, a price-to-earnings ratio of -13.31 and a beta of 1.71. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.07 and a quick ratio of 0.50.

Several hedge funds and other institutional investors have recently bought and sold shares of ALTG. Morgan Stanley raised its holdings in shares of Alta Equipment Group by 249.9% in the second quarter. Morgan Stanley now owns 282,277 shares of the company’s stock valued at $3,752,000 after purchasing an additional 201,609 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Alta Equipment Group by 20.0% in the third quarter. Commonwealth Equity Services LLC now owns 12,000 shares of the company’s stock valued at $164,000 after buying an additional 2,000 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Alta Equipment Group in the third quarter valued at $145,000. Victory Capital Management Inc. bought a new position in shares of Alta Equipment Group in the third quarter valued at $129,000. Finally, M&G Investment Management Ltd. bought a new position in shares of Alta Equipment Group in the third quarter valued at $1,399,000. Institutional investors own 66.17% of the company’s stock.

In related news, major shareholder B. Riley Financial, Inc. bought 19,613 shares of the company’s stock in a transaction on Wednesday, February 23rd. The shares were purchased at an average cost of $12.75 per share, for a total transaction of $250,065.75. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have acquired a total of 223,687 shares of company stock worth $2,501,333 over the last 90 days. Corporate insiders own 23.90% of the company’s stock.

About Alta Equipment Group (Get Rating)

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates in two segments, Material Handling and Construction Equipment. 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 aerial work platforms, earthmoving equipment, cranes, paving and asphalt equipment, and other material handling and construction equipment.

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