Analysts Set Alta Equipment Group Inc. (NYSE:ALTG) Target Price at $11.00

Alta Equipment Group Inc. (NYSE:ALTG) has been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $11.6250.

ALTG has been the topic of a number of research reports. Wall Street Zen upgraded Alta Equipment Group from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research upgraded shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. DA Davidson set a $7.00 price objective on shares of Alta Equipment Group in a research note on Friday, March 6th. Raymond James Financial raised Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $9.50 price target for the company in a research report on Monday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th.

Insider Buying and Selling

In other news, CEO Ryan Greenawalt sold 27,986 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $7.05, for a total value of $197,301.30. Following the completion of the sale, the chief executive officer directly owned 5,721,710 shares in the company, valued at approximately $40,338,055.50. The trade was a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Colucci sold 8,137 shares of Alta Equipment Group stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total value of $57,365.85. Following the completion of the transaction, the chief financial officer owned 240,750 shares in the company, valued at $1,697,287.50. The trade was a 3.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently bought and sold shares of ALTG. Vanguard Group Inc. increased its holdings in shares of Alta Equipment Group by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,321,283 shares of the company’s stock worth $9,566,000 after purchasing an additional 30,552 shares during the period. CastleKnight Management LP lifted its stake in shares of Alta Equipment Group by 11.4% in the fourth quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock valued at $4,003,000 after buying an additional 89,068 shares during the period. First Eagle Investment Management LLC raised its holdings in Alta Equipment Group by 16.2% in the 2nd quarter. First Eagle Investment Management LLC now owns 792,103 shares of the company’s stock valued at $5,006,000 after acquiring an additional 110,444 shares in the last quarter. Royce & Associates LP lifted its position in shares of Alta Equipment Group by 0.7% in the 4th quarter. Royce & Associates LP now owns 550,783 shares of the company’s stock worth $2,534,000 after acquiring an additional 3,991 shares during the period. Finally, State Street Corp lifted its position in shares of Alta Equipment Group by 0.3% in the 4th quarter. State Street Corp now owns 527,644 shares of the company’s stock worth $2,427,000 after acquiring an additional 1,826 shares during the period. Institutional investors own 73.58% of the company’s stock.

Alta Equipment Group Stock Down 1.8%

ALTG stock opened at $6.40 on Monday. The company has a 50 day moving average of $6.53 and a two-hundred day moving average of $6.27. The company has a market cap of $206.46 million, a price-to-earnings ratio of -2.50 and a beta of 1.54. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $8.99. The company has a quick ratio of 0.48, a current ratio of 1.43 and a debt-to-equity ratio of 257.10.

Alta Equipment Group (NYSE:ALTG) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.10). The company had revenue of $509.10 million during the quarter, compared to analyst estimates of $489.56 million. Alta Equipment Group had a negative return on equity of 341.70% and a negative net margin of 4.37%. On average, equities analysts anticipate that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

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.