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

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

ALTG has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a research note on Wednesday, August 26th. Northland Securities set a $12.00 target price on shares of Alta Equipment Group in a report on Friday. Citigroup reiterated an “outperform” rating on shares of Alta Equipment Group in a report on Friday. Wall Street Zen upgraded shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Alta Equipment Group in a research report on Wednesday, June 24th.

Alta Equipment Group Stock Performance

Shares of Alta Equipment Group stock traded up $0.23 during trading hours on Friday, reaching $6.05. 34,928 shares of the company were exchanged, compared to its average volume of 230,581. The firm has a market cap of $197.82 million, a PE ratio of -2.35 and a beta of 1.71. Alta Equipment Group has a 1 year low of $4.16 and a 1 year high of $8.69. The stock’s fifty day moving average is $6.41 and its 200 day moving average is $6.43.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. CastleKnight Management LP lifted its stake in Alta Equipment Group by 11.4% during the fourth quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock worth $4,003,000 after purchasing an additional 89,068 shares during the last quarter. RBF Capital LLC increased its stake in Alta Equipment Group by 35.2% in the fourth quarter. RBF Capital LLC now owns 179,956 shares of the company’s stock valued at $828,000 after purchasing an additional 46,807 shares during the last quarter. Royce & Associates LP increased its stake in Alta Equipment Group by 0.7% in the fourth quarter. Royce & Associates LP now owns 550,783 shares of the company’s stock valued at $2,534,000 after purchasing an additional 3,991 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Alta Equipment Group during the second quarter worth approximately $150,000. Finally, NewEdge Advisors LLC raised its holdings in 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. 73.58% of the stock is owned by institutional investors and hedge funds.

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.