Alta Equipment Group Inc. (NYSE:ALTG) Stock Has Average Price Target of $9.83

Alta Equipment Group Inc. (NYSE:ALTG) has been given a consensus recommendation of “Hold” by the five analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $9.83.

A number of research firms have commented on ALTG. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alta Equipment Group in a research report on Wednesday, August 26th. Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Citigroup restated an “outperform” rating on shares of Alta Equipment Group in a report on Friday. Northland Securities set a $12.00 price objective on shares of Alta Equipment Group in a research report on Friday. Finally, DA Davidson reiterated a “neutral” rating and issued a $8.00 target price on shares of Alta Equipment Group in a report on Wednesday, June 24th.

Alta Equipment Group Trading Up 4.0%

ALTG stock traded up $0.23 during midday trading on Friday, hitting $6.05. 34,928 shares of the company’s stock were exchanged, compared to its average volume of 230,581. Alta Equipment Group has a 1-year low of $4.16 and a 1-year high of $8.69. The stock has a market capitalization of $197.82 million, a PE ratio of -2.35 and a beta of 1.71. The business has a 50-day simple moving average of $6.41 and a two-hundred day simple moving average of $6.43.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The business had revenue of $475.50 million during the quarter, compared to analyst estimates of $488.71 million. Alta Equipment Group had a negative net margin of 4.42% and a negative return on equity of 3,253.61%. As a group, research analysts expect that Alta Equipment Group will post -1.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Alta Equipment Group

Institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in Alta Equipment Group during the 2nd quarter valued at about $150,000. NewEdge Advisors LLC lifted its position in shares of Alta Equipment Group by 123.5% during the first quarter. NewEdge Advisors LLC now owns 117,418 shares of the company’s stock worth $631,000 after purchasing an additional 64,880 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Alta Equipment Group by 27.9% during the first quarter. Quantinno Capital Management LP now owns 114,033 shares of the company’s stock worth $612,000 after purchasing an additional 24,908 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Alta Equipment Group in the first quarter valued at approximately $70,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Alta Equipment Group by 22.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 80,419 shares of the company’s stock valued at $432,000 after purchasing an additional 14,933 shares during the period. Hedge funds and other institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Company Profile

Alta Equipment Group Inc is a provider of industrial and construction equipment, offering equipment sales, rentals, parts and maintenance services to businesses across the United States. The company serves customers in industries such as construction, manufacturing, warehousing, logistics, infrastructure and government.

Its product offerings include material-handling equipment, such as forklifts and warehouse vehicles, as well as construction equipment including earthmoving machinery, aerial work platforms, cranes and related products.