Alta Equipment Group (NYSE:ALTG) Trading 2.1% Higher – What’s Next?

Alta Equipment Group Inc. (NYSE:ALTG)’s share price was up 2.1% during mid-day trading on Thursday . The company traded as high as $6.57 and last traded at $6.31. Approximately 260,575 shares were traded during mid-day trading, an increase of 17% from the average daily volume of 222,709 shares. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

ALTG has been the subject of a number of research analyst reports. DA Davidson reduced their price objective on shares of 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 downgraded shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Zacks Research lowered shares of Alta Equipment Group from a “hold” rating to a “strong sell” rating in a research note on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.00.

Alta Equipment Group Price Performance

The stock’s fifty day moving average price is $5.03 and its 200-day moving average price is $6.55. The firm has a market cap of $203.43 million, a PE ratio of -2.51 and a beta of 1.56. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.42 and a quick ratio of 0.49.

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

Insider Buying and Selling at Alta Equipment Group

In related news, Director Daniel Shribman bought 40,000 shares of the stock in a transaction dated Monday, December 8th. The shares were acquired at an average cost of $5.07 per share, for a total transaction of $202,800.00. Following the acquisition, the director directly owned 131,393 shares in the company, valued at approximately $666,162.51. This trade represents a 43.77% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alta Equipment Group

A number of institutional investors have recently added to or reduced their stakes in ALTG. First Eagle Investment Management LLC grew its holdings in Alta Equipment Group by 16.2% in the 2nd quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock valued at $5,006,000 after buying an additional 110,444 shares in the last quarter. Citizens Financial Group Inc. RI raised its holdings in shares of Alta Equipment Group by 147.3% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock worth $1,454,000 after acquiring an additional 137,000 shares during the period. Farther Finance Advisors LLC boosted its position in shares of 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 valued at $37,000 after acquiring an additional 5,385 shares during the last quarter. RBF Capital LLC purchased a new stake in shares of Alta Equipment Group in the second quarter valued at about $632,000. Finally, Lido Advisors LLC purchased a new stake in shares of Alta Equipment Group in the second quarter valued at about $74,000. 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.