Analysts Set Alta Equipment Group Inc. (NYSE:ALTG) Target Price at $11.25

Key Points

• Alta Equipment Group Inc. (NYSE:ALTG) has received an average consensus rating of "Buy" from five brokerages, with two analysts recommending a strong buy, one a buy, and two a hold rating.
• The company's average twelve-month price target is set at $11.25, despite recent mixed reviews from research reports, including a downgrade by Raymond James Financial.
• Insider trading activity shows that Director Andrew P. Studdert increased his stock position by acquiring 6,743 shares at an average price of $4.80 each, indicating confidence in the company's future.

Shares of Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) have been given an average recommendation of "Buy" by the five research firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $11.25.

Several equities analysts have recently commented on ALTG shares. Northland Securities upgraded shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price target for the company in a research report on Tuesday, July 8th. Raymond James Financial lowered their price target on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating for the company in a research report on Friday, May 16th. DA Davidson restated a "neutral" rating and set a $8.00 price target on shares of Alta Equipment Group in a research report on Monday, August 18th. Wall Street Zen upgraded shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Finally, Northland Capmk upgraded shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th.

Insiders Place Their Bets

In related news, Director Andrew P. Studdert acquired 6,743 shares of Alta Equipment Group stock in a transaction that occurred on Thursday, May 29th. The stock was acquired at an average price of $4.80 per share, with a total value of $32,366.40. Following the completion of the acquisition, the director directly owned 93,334 shares of the company's stock, valued at $448,003.20. This trade represents a 7.79% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently bought and sold shares of ALTG. Raymond James Financial Inc. acquired a new stake in Alta Equipment Group in the 2nd quarter valued at about $35,000. Farther Finance Advisors LLC lifted its stake in Alta Equipment Group by 1,279.1% during the second quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company's stock valued at $37,000 after buying an additional 5,385 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Alta Equipment Group during the fourth quarter valued at about $69,000. Lido Advisors LLC purchased a new stake in Alta Equipment Group during the second quarter valued at about $74,000. Finally, Engineers Gate Manager LP purchased a new stake in Alta Equipment Group during the second quarter valued at about $81,000. 73.58% of the stock is owned by institutional investors and hedge funds.

Alta Equipment Group Stock Performance

Shares of Alta Equipment Group stock traded down $0.07 during trading on Thursday, hitting $8.48. 297,549 shares of the stock were exchanged, compared to its average volume of 242,787. The stock's fifty day moving average is $7.50 and its 200 day moving average is $5.99. The stock has a market cap of $271.75 million, a PE ratio of -4.12 and a beta of 1.60. The company has a debt-to-equity ratio of 16.69, a quick ratio of 0.48 and a current ratio of 1.39. Alta Equipment Group has a 12 month low of $3.54 and a 12 month high of $8.99.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.06. The business had revenue of $481.20 million during the quarter, compared to analyst estimates of $478.63 million. Alta Equipment Group had a negative net margin of 3.53% and a negative return on equity of 95.61%. As a group, sell-side analysts anticipate that Alta Equipment Group will post -1.92 EPS for the current year.

Alta Equipment Group Company Profile

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.