Alta Equipment Group Inc. (NYSE:ALTG) Sees Large Growth in Short Interest

Alta Equipment Group Inc. (NYSE:ALTG) saw a large increase in short interest during the month of January. As of January 15th, there was short interest totaling 968,384 shares, an increase of 26.7% from the December 31st total of 764,074 shares. Approximately 3.8% of the shares of the company are sold short. Based on an average daily trading volume, of 270,534 shares, the days-to-cover ratio is presently 3.6 days. Based on an average daily trading volume, of 270,534 shares, the days-to-cover ratio is presently 3.6 days. Approximately 3.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ALTG. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Wall Street Zen downgraded Alta Equipment Group from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. DA Davidson decreased their price objective on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Finally, Zacks Research raised Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Alta Equipment Group has a consensus rating of “Hold” and a consensus target price of $11.00.

Alta Equipment Group Price Performance

ALTG stock traded up $0.02 during midday trading on Tuesday, reaching $6.72. The company had a trading volume of 263,289 shares, compared to its average volume of 228,655. Alta Equipment Group has a 1-year low of $3.54 and a 1-year high of $8.99. The stock has a 50 day moving average price of $5.52 and a 200-day moving average price of $6.43. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.42 and a quick ratio of 0.49. The company has a market capitalization of $216.49 million, a price-to-earnings ratio of -2.68 and a beta of 1.56.

Alta Equipment Group (NYSE:ALTG) last released its 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). Alta Equipment Group had a negative net margin of 4.34% and a negative return on equity of 175.61%. The firm had revenue of $422.60 million during the quarter, compared to the consensus estimate of $456.68 million. Equities research analysts expect that Alta Equipment Group will post -1.92 earnings per share for the current year.

Insider Activity at Alta Equipment Group

In related 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 acquired at an average price of $5.07 per share, for a total transaction of $202,800.00. Following the purchase, the director owned 131,393 shares in the company, valued at approximately $666,162.51. This represents a 43.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Alta Equipment Group

Large investors have recently modified their holdings of the business. Strs Ohio acquired a new position in shares of Alta Equipment Group during the 1st quarter worth $138,000. Rhumbline Advisers grew its position in Alta Equipment Group by 15.9% in the first quarter. Rhumbline Advisers now owns 39,374 shares of the company’s stock valued at $185,000 after acquiring an additional 5,406 shares during the last quarter. Farther Finance Advisors LLC grew its position in Alta Equipment Group by 1,279.1% in the second quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock valued at $37,000 after acquiring an additional 5,385 shares during the last quarter. First Eagle Investment Management LLC raised its stake in Alta Equipment Group by 16.2% during the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock worth $5,006,000 after acquiring an additional 110,444 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Alta Equipment Group by 23.4% in the second quarter. Los Angeles Capital Management LLC now owns 42,705 shares of the company’s stock worth $270,000 after acquiring an additional 8,105 shares during the last quarter. Institutional investors and hedge funds 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.