Raymond James Has Lowered Expectations for Alta Equipment Group (NYSE:ALTG) Stock Price

Alta Equipment Group (NYSE:ALTG) had its target price decreased by Raymond James from $9.00 to $8.50 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Raymond James’ target price points to a potential upside of 76.17% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Northland Securities reissued a “market perform” rating and issued a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a report on Wednesday, November 13th. Northland Capmk cut Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.63.

Alta Equipment Group Stock Performance

NYSE ALTG traded up $0.03 during trading on Monday, hitting $4.83. 71,284 shares of the company’s stock traded hands, compared to its average volume of 169,942. The business has a 50 day moving average of $6.71 and a 200-day moving average of $6.80. Alta Equipment Group has a 12-month low of $4.64 and a 12-month high of $13.67. The stock has a market capitalization of $160.46 million, a price-to-earnings ratio of -2.84 and a beta of 1.81. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35.

Insider Activity at Alta Equipment Group

In related news, COO Craig Brubaker sold 5,294 shares of Alta Equipment Group stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $5.00, for a total transaction of $26,470.00. Following the completion of the transaction, the chief operating officer now directly owns 98,640 shares of the company’s stock, valued at $493,200. This trade represents a 5.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Alta Equipment Group

Hedge funds have recently bought and sold shares of the company. Meixler Investment Management Ltd. bought a new stake in shares of Alta Equipment Group during the 3rd quarter worth approximately $178,000. GSA Capital Partners LLP increased its position in shares of Alta Equipment Group by 79.2% in the third quarter. GSA Capital Partners LLP now owns 176,227 shares of the company’s stock worth $1,188,000 after purchasing an additional 77,887 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Alta Equipment Group by 6.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 78,454 shares of the company’s stock valued at $529,000 after buying an additional 4,747 shares in the last quarter. Paloma Partners Management Co bought a new stake in Alta Equipment Group during the third quarter worth $2,646,000. Finally, Mill Road Capital Management LLC lifted its holdings in shares of Alta Equipment Group by 18.2% in the third quarter. Mill Road Capital Management LLC now owns 4,213,208 shares of the company’s stock worth $28,397,000 after acquiring an additional 650,214 shares during the last quarter. 73.58% of the stock is currently owned by institutional investors and hedge funds.

About Alta Equipment Group

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates through three segments: Material Handling, Construction Equipment, and Master Distribution. The company operates a branch network that sells, rents, and provides parts and service support for various categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, and other construction equipment and related products.