Alta Equipment Group Inc. (NYSE:ALTG) Stock Rated “Hold” by Wall Street Brokerages

Alta Equipment Group Inc. (NYSE:ALTG) has been assigned a consensus rating of “Hold” from the five research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $9.83.

Several brokerages have commented on ALTG. Weiss Ratings restated 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. Northland Securities set a $12.00 price target on shares of Alta Equipment Group in a report on Friday, September 25th. DA Davidson reiterated a “neutral” rating and issued a $8.00 price objective on shares of Alta Equipment Group in a research note on Wednesday, June 24th. Finally, Citigroup reiterated an “outperform” rating on shares of Alta Equipment Group in a research note on Friday, September 25th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new stake in shares of Alta Equipment Group during the 3rd quarter valued at approximately $200,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Alta Equipment Group during the 2nd quarter worth approximately $150,000. NewEdge Advisors LLC boosted its stake in shares of Alta Equipment Group by 123.5% during the 1st quarter. NewEdge Advisors LLC now owns 117,418 shares of the company’s stock worth $631,000 after acquiring an additional 64,880 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Alta Equipment Group by 27.9% in the 1st quarter. Quantinno Capital Management LP now owns 114,033 shares of the company’s stock worth $612,000 after acquiring an additional 24,908 shares during the period. Finally, Lazard Asset Management LLC acquired a new stake in shares of Alta Equipment Group in the 1st quarter worth approximately $70,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

Alta Equipment Group Price Performance

ALTG opened at $6.08 on Tuesday. Alta Equipment Group has a 12 month low of $4.16 and a 12 month high of $8.69. The stock has a market capitalization of $198.80 million, a P/E ratio of -2.37 and a beta of 1.77. The business has a 50 day simple moving average of $6.26 and a 200-day simple moving average of $6.49.

Alta Equipment Group (NYSE:ALTG) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.04). The business had revenue of $475.50 million for the quarter, compared to analyst estimates of $488.71 million. Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.42%. Research analysts anticipate that Alta Equipment Group will post -1.20 EPS for the current year.

About Alta Equipment Group

Alta Equipment Group Inc is an integrated equipment dealership platform serving the construction and industrial markets in the United States. The company sells, rents, and provides parts and service for a broad range of equipment used in construction, infrastructure, warehousing, distribution, and other industrial applications.

Alta operates through two primary business segments: construction equipment and material-handling equipment. Its offerings include heavy construction machinery, aerial work platforms, earthmoving equipment, cranes, forklifts, warehouse equipment, and related products.