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

Alta Equipment Group Inc. (NYSE:ALTG) has been given an average rating of “Hold” by the seven brokerages that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation, one has given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $11.00.

ALTG has been the subject of a number of recent analyst reports. DA Davidson lowered their price target on Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Wall Street Zen cut Alta Equipment Group from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday. Finally, Zacks Research lowered Alta Equipment Group from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th.

Alta Equipment Group Trading Down 2.2%

Shares of ALTG opened at $4.68 on Wednesday. The stock has a market capitalization of $150.72 million, a P/E ratio of -1.86 and a beta of 1.56. Alta Equipment Group has a twelve month low of $3.54 and a twelve month high of $8.99. The company has a quick ratio of 0.49, a current ratio of 1.42 and a debt-to-equity ratio of 257.10. The firm has a fifty day simple moving average of $5.33 and a two-hundred day simple moving average of $6.65.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings data 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 the consensus estimate 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 EPS for the current year.

Insider Buying and Selling

In related news, Director Daniel Shribman bought 40,000 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was purchased at an average cost of $5.07 per share, with a total value of $202,800.00. Following the transaction, the director owned 131,393 shares in the company, valued at approximately $666,162.51. This trade represents a 43.77% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL purchased a new stake in Alta Equipment Group in the third quarter worth about $652,000. CIBC Bancorp USA Inc. bought a new position in shares of Alta Equipment Group in the 3rd quarter worth approximately $3,435,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Alta Equipment Group in the 3rd quarter valued at approximately $83,000. NewEdge Advisors LLC purchased a new position in shares of Alta Equipment Group in the 3rd quarter valued at approximately $435,000. Finally, PharVision Advisers LLC bought a new stake in shares of Alta Equipment Group during the third quarter valued at approximately $114,000. Hedge funds and other institutional investors own 73.58% of the company’s stock.

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.