Analysts Set Alta Equipment Group Inc. (NYSE:ALTG) Target Price at $12.17

Shares of Alta Equipment Group Inc. (NYSE:ALTG) have been given a consensus recommendation of “Hold” by the five research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $12.1667.

A number of research firms have weighed in on ALTG. DA Davidson upgraded Alta Equipment Group to a “hold” rating in a research note on Wednesday, May 6th. Raymond James Financial upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 target price on the stock in a research note on Monday, March 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a research note on Friday, May 29th. Finally, Wall Street Zen lowered Alta Equipment Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th.

Alta Equipment Group Stock Performance

ALTG stock opened at $7.14 on Wednesday. The company has a quick ratio of 0.47, a current ratio of 1.37 and a debt-to-equity ratio of 257.10. The business’s fifty day simple moving average is $6.76 and its two-hundred day simple moving average is $6.25. Alta Equipment Group has a twelve month low of $4.16 and a twelve month high of $8.99. The firm has a market cap of $232.34 million, a price-to-earnings ratio of -2.82 and a beta of 1.73.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.03). Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.33%.The business had revenue of $410.50 million during the quarter, compared to analysts’ expectations of $424.18 million. Analysts predict that Alta Equipment Group will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Alta Equipment Group by 2.4% during the third quarter. Vanguard Group Inc. now owns 1,321,283 shares of the company’s stock valued at $9,566,000 after buying an additional 30,552 shares during the period. CastleKnight Management LP increased its stake in shares of Alta Equipment Group by 11.4% during the fourth 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. Royce & Associates LP increased its stake in shares of Alta Equipment Group by 0.7% during the fourth quarter. Royce & Associates LP now owns 550,783 shares of the company’s stock valued at $2,534,000 after buying an additional 3,991 shares during the period. State Street Corp increased its stake in shares of Alta Equipment Group by 0.3% during the fourth quarter. State Street Corp now owns 527,644 shares of the company’s stock valued at $2,427,000 after buying an additional 1,826 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of Alta Equipment Group during the third quarter valued at $3,435,000. 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.