Alta Equipment Group Inc. (NYSE:ALTG) Receives $11.00 Consensus PT from Analysts

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have received an average recommendation 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 issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $11.00.

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

Insider Transactions at Alta Equipment Group

In other news, Director Daniel Shribman acquired 40,000 shares of Alta Equipment Group stock in a transaction dated Monday, December 8th. The stock was bought at an average price of $5.07 per share, for a total transaction of $202,800.00. Following the completion of the acquisition, the director directly owned 131,393 shares in the company, valued at approximately $666,162.51. The trade was a 43.77% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 19.20% of the stock is owned by company insiders.

Institutional Trading of Alta Equipment Group

Several hedge funds have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL bought a new stake in Alta Equipment Group in the 3rd quarter valued at $652,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Alta Equipment Group during the third quarter worth $3,435,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Alta Equipment Group in the third quarter valued at about $83,000. NewEdge Advisors LLC acquired a new position in shares of Alta Equipment Group in the third quarter valued at about $435,000. Finally, PharVision Advisers LLC acquired a new position in shares of Alta Equipment Group in the third quarter valued at about $114,000. 73.58% of the stock is owned by institutional investors and hedge funds.

Alta Equipment Group Trading Up 0.5%

Alta Equipment Group stock opened at $4.73 on Wednesday. The stock has a 50-day simple moving average of $5.23 and a 200 day simple moving average of $6.61. The stock has a market capitalization of $152.33 million, a P/E ratio of -1.88 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 52 week low of $3.54 and a 52 week high of $8.99.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Thursday, November 6th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($1.04). Alta Equipment Group had a negative net margin of 4.34% and a negative return on equity of 175.61%. The business had revenue of $422.60 million during the quarter, compared to the consensus estimate of $456.68 million. Analysts expect 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.