Alta Equipment Group Inc. (NYSE:ALTG) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Alta Equipment Group Inc. has received a consensus rating of "Buy" from five brokerages, with an average target price of $11.25.
• Recent brokerage upgrades include a change from "sell" to "hold" by Wall Street Zen and from "market perform" to "outperform" by Northland Securities, which set a target price of $20.00.
• In the latest earnings report, Alta Equipment Group beat expectations by reporting an EPS of ($0.21), against a consensus estimate of ($0.27).

Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) has been assigned an average recommendation of "Buy" from the five brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $11.25.

A number of brokerages recently issued reports on ALTG. Wall Street Zen upgraded shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Northland Securities upgraded shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 price target on the stock in a research note on Tuesday, July 8th. DA Davidson reiterated a "neutral" rating and issued a $8.00 price target on shares of Alta Equipment Group in a research note on Monday, August 18th. Finally, Northland Capmk upgraded shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th.

Hedge Funds Weigh In On Alta Equipment Group

A number of hedge funds have recently bought and sold shares of the company. Voss Capital LP boosted its stake in Alta Equipment Group by 2.3% in the 1st quarter. Voss Capital LP now owns 2,980,816 shares of the company's stock worth $13,980,000 after purchasing an additional 65,816 shares in the last quarter. Nantahala Capital Management LLC raised its position in Alta Equipment Group by 23.4% in the 1st quarter. Nantahala Capital Management LLC now owns 1,042,769 shares of the company's stock worth $4,891,000 after buying an additional 197,654 shares during the last quarter. First Eagle Investment Management LLC raised its position 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 worth $5,006,000 after buying an additional 110,444 shares during the last quarter. Royce & Associates LP raised its position in Alta Equipment Group by 48.3% in the 1st quarter. Royce & Associates LP now owns 393,270 shares of the company's stock worth $1,844,000 after buying an additional 128,000 shares during the last quarter. Finally, GSA Capital Partners LLP raised its position in Alta Equipment Group by 98.4% in the 1st quarter. GSA Capital Partners LLP now owns 358,290 shares of the company's stock worth $1,680,000 after buying an additional 177,685 shares during the last quarter. Institutional investors own 73.58% of the company's stock.

Alta Equipment Group Stock Performance

Shares of ALTG stock opened at $7.48 on Monday. Alta Equipment Group has a 12 month low of $3.54 and a 12 month high of $8.99. The stock has a market cap of $239.57 million, a PE ratio of -3.63 and a beta of 1.61. The company has a current ratio of 1.39, a quick ratio of 0.48 and a debt-to-equity ratio of 16.69. The company's fifty day moving average price is $7.92 and its 200-day moving average price is $6.10.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.21) EPS for the quarter, beating analysts' consensus estimates of ($0.27) by $0.06. Alta Equipment Group had a negative net margin of 3.53% and a negative return on equity of 95.61%. The firm had revenue of $481.20 million for the quarter, compared to analysts' expectations of $478.63 million. On average, equities analysts expect that Alta Equipment Group will post -1.92 EPS for the current fiscal 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.

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