Alta Equipment Group (NYSE:ALTG) Earns Neutral Rating from DA Davidson

Alta Equipment Group (NYSE:ALTG)‘s stock had its “neutral” rating reaffirmed by DA Davidson in a research note issued on Wednesday,Benzinga reports. They presently have a $8.00 price target on the stock. DA Davidson’s target price would suggest a potential upside of 8.40% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Raymond James Financial upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price target for the company in a research note on Monday, March 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a research report on Friday, May 29th. Finally, Wall Street Zen downgraded shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Alta Equipment Group has an average rating of “Hold” and an average price target of $12.50.

Alta Equipment Group Price Performance

NYSE:ALTG traded up $0.22 on Wednesday, reaching $7.38. 29,804 shares of the company’s stock traded hands, compared to its average volume of 255,819. 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 stock has a 50-day simple moving average of $6.76 and a 200-day simple moving average of $6.25. The firm has a market cap of $240.15 million, a PE ratio of -2.92 and a beta of 1.73. Alta Equipment Group has a 12 month low of $4.16 and a 12 month high of $8.99.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data 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 the consensus estimate of $424.18 million. Equities research analysts forecast that Alta Equipment Group will post -1.2 earnings per share for the current year.

Institutional Trading of Alta Equipment Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALTG. Raymond James Financial Inc. purchased a new stake in shares of Alta Equipment Group in the second quarter valued at about $35,000. Public Employees Retirement System of Ohio boosted its holdings in Alta Equipment Group by 221.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock valued at $28,000 after purchasing an additional 4,200 shares during the last quarter. Royal Bank of Canada boosted its holdings in Alta Equipment Group by 55.1% in the 4th quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock valued at $28,000 after purchasing an additional 2,186 shares during the last quarter. Quarry LP grew its stake in shares of Alta Equipment Group by 150.9% in the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock valued at $31,000 after buying an additional 4,015 shares during the period. Finally, R Squared Ltd purchased a new stake in shares of Alta Equipment Group in the 3rd quarter valued at approximately $79,000. 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.