Alta Equipment Group Inc. (NYSE:ALTG) Sees Significant Increase in Short Interest

Alta Equipment Group Inc. (NYSE:ALTG) was the recipient of a significant growth in short interest during the month of January. As of January 15th, there was short interest totaling 968,384 shares, a growth of 26.7% from the December 31st total of 764,074 shares. Based on an average daily trading volume, of 270,534 shares, the days-to-cover ratio is presently 3.6 days. Currently, 3.8% of the company’s shares are sold short. Currently, 3.8% of the company’s shares are sold short. Based on an average daily trading volume, of 270,534 shares, the days-to-cover ratio is presently 3.6 days.

Alta Equipment Group Stock Performance

NYSE ALTG traded up $0.06 during trading on Wednesday, reaching $6.77. The company’s stock had a trading volume of 43,642 shares, compared to its average volume of 243,166. The business’s fifty day moving average price is $5.52 and its 200-day moving average price is $6.43. Alta Equipment Group has a twelve month low of $3.54 and a twelve month high of $8.99. The company has a debt-to-equity ratio of 257.10, a quick ratio of 0.49 and a current ratio of 1.42. The firm has a market cap of $218.39 million, a price-to-earnings ratio of -2.71 and a beta of 1.56.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.27) by ($1.04). Alta Equipment Group had a negative net margin of 4.34% and a negative return on equity of 175.61%. The company had revenue of $422.60 million for the quarter, compared to analysts’ expectations of $456.68 million. As a group, analysts anticipate that Alta Equipment Group will post -1.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ALTG shares. Wall Street Zen lowered Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a research report on Monday, December 29th. Zacks Research upgraded shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research report on Monday, January 19th. Finally, DA Davidson dropped their target price on shares of Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.00.

Insider Transactions at Alta Equipment Group

In other news, Director Daniel Shribman bought 40,000 shares of Alta Equipment Group stock in a transaction on Monday, December 8th. The shares were purchased at an average price of $5.07 per share, for a total transaction of $202,800.00. Following the acquisition, the director owned 131,393 shares of the company’s stock, valued at approximately $666,162.51. The trade was a 43.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 19.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Alta Equipment Group by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,321,283 shares of the company’s stock valued at $9,566,000 after buying an additional 30,552 shares during the period. First Eagle Investment Management LLC raised its position in Alta Equipment Group by 16.2% in the second quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock worth $5,006,000 after acquiring an additional 110,444 shares in the last quarter. Royce & Associates LP raised its position in Alta Equipment Group by 8.3% in the third quarter. Royce & Associates LP now owns 546,792 shares of the company’s stock worth $3,959,000 after acquiring an additional 42,054 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Alta Equipment Group in the third quarter valued at $3,435,000. Finally, Citizens Financial Group Inc. RI boosted its position in shares of Alta Equipment Group by 147.3% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 230,000 shares of the company’s stock worth $1,454,000 after purchasing an additional 137,000 shares in the last quarter. 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.