Alta Equipment Group (NYSE:ALTG) Share Price Breaks Above Two Hundred Day Moving Average – Time to Sell?

Alta Equipment Group Inc. (NYSE:ALTG) shares passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $6.47 and traded as high as $6.81. Alta Equipment Group shares last traded at $6.7710, with a volume of 221,938 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ALTG. Weiss Ratings restated a “sell (d-)” rating on shares of Alta Equipment Group in a report on Wednesday, August 26th. Citigroup reissued an “outperform” rating on shares of Alta Equipment Group in a research report on Friday, September 25th. Northland Securities set a $12.00 price target on Alta Equipment Group in a research report on Friday, September 25th. Finally, 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. 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, Alta Equipment Group currently has a consensus rating of “Hold” and an average price target of $9.83.

Alta Equipment Group Stock Performance

The business has a 50-day simple moving average of $6.18 and a 200-day simple moving average of $6.48. The company has a market cap of $247.83 million, a price-to-earnings ratio of -2.95 and a beta of 1.77.

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

Institutional Trading of Alta Equipment Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in Alta Equipment Group during the 3rd quarter worth about $200,000. Public Employees Retirement System of Ohio purchased a new position in shares of Alta Equipment Group in the 2nd quarter valued at about $150,000. NewEdge Advisors LLC increased its holdings in shares of Alta Equipment Group by 123.5% in the 1st quarter. NewEdge Advisors LLC now owns 117,418 shares of the company’s stock valued at $631,000 after acquiring an additional 64,880 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of Alta Equipment Group by 27.9% during 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 in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Alta Equipment Group during the 1st quarter worth about $70,000. 73.58% of the stock is currently owned by institutional investors and hedge funds.

Alta Equipment Group Company Profile

Alta Equipment Group Inc is an equipment dealership and rental company that provides machinery, parts, service and support to customers in the construction, industrial, manufacturing, warehousing and related sectors. The company operates through construction and material-handling businesses, serving contractors, businesses and public-sector organizations.

Its construction equipment offerings include earthmoving machinery, aerial work platforms, cranes, compact equipment and other jobsite products.