Alta Equipment Group Inc. (NYSE:ALTG) Given Average Rating of “Hold” by Analysts

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have earned a consensus rating of “Hold” from the seven analysts that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $11.00.

Several equities research analysts recently issued reports on ALTG shares. Zacks Research downgraded Alta Equipment Group from a “hold” rating to a “strong sell” rating in a report on Friday, November 14th. DA Davidson dropped their price target on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Finally, Wall Street Zen lowered shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th.

Insiders Place Their Bets

In other Alta Equipment Group news, Director Daniel Shribman purchased 40,000 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The shares were purchased at an average cost of $5.07 per share, for a total transaction of $202,800.00. Following the completion of the purchase, the director directly owned 131,393 shares in the company, valued at $666,162.51. This represents a 43.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 19.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ALTG. Raymond James Financial Inc. purchased a new position in shares of Alta Equipment Group in the 2nd quarter worth about $35,000. Farther Finance Advisors LLC increased its position in Alta Equipment Group by 1,279.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock worth $37,000 after purchasing an additional 5,385 shares in the last quarter. Lido Advisors LLC purchased a new position in Alta Equipment Group in the second quarter valued at approximately $74,000. R Squared Ltd acquired a new position in Alta Equipment Group during the third quarter valued at approximately $79,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Alta Equipment Group during the second quarter worth about $81,000. Institutional investors and hedge funds own 73.58% of the company’s stock.

Alta Equipment Group Stock Performance

NYSE ALTG opened at $6.46 on Friday. The stock’s fifty day moving average is $5.06 and its two-hundred day moving average is $6.55. The firm has a market capitalization of $208.11 million, a P/E ratio of -2.57 and a beta of 1.56. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.49 and a current ratio of 1.42. Alta Equipment Group has a fifty-two week low of $3.54 and a fifty-two week high of $8.99.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.27) by ($1.04). The firm had revenue of $422.60 million for the quarter, compared to analysts’ expectations of $456.68 million. Alta Equipment Group had a negative net margin of 4.34% and a negative return on equity of 175.61%. On average, research analysts anticipate that Alta Equipment Group will post -1.92 earnings per share for the current year.

Alta Equipment Group Company Profile

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.