Alta Equipment Group (NYSE:ALTG) Receives "Neutral" Rating from DA Davidson

Key Points

• DA Davidson has reaffirmed a "neutral" rating for Alta Equipment Group with a target price of $8.00, indicating a potential downside of 0.74% based on current stock prices.
• Recent ratings from other analysts vary, with Northland Capital Markets upgrading the stock to "strong-buy" and Northland Securities giving it an "outperform" rating with a target price of $20.00.
• Alta Equipment Group reported a loss of $0.21 per share for the latest quarter but exceeded analyst expectations and achieved revenue of $481.20 million.

DA Davidson restated their neutral rating on shares of Alta Equipment Group (NYSE:ALTG - Free Report) in a research note released on Monday, Marketbeat reports. The brokerage currently has a $8.00 target price on the stock.

ALTG has been the subject of a number of other reports. Northland Securities raised shares of Alta Equipment Group from a "market perform" rating to an "outperform" rating and set a $20.00 target price for the company in a report on Tuesday, July 8th. Wall Street Zen raised shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Northland Capmk raised shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Raymond James Financial dropped their target price on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating for the company in a report on Friday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $11.25.

Alta Equipment Group Stock Performance

NYSE ALTG traded up $0.7150 during trading hours on Monday, hitting $7.9950. 317,794 shares of the stock were exchanged, compared to its average volume of 231,697. The company has a market cap of $256.24 million, a price-to-earnings ratio of -3.88 and a beta of 1.60. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $8.99. The stock has a 50-day moving average of $7.41 and a 200 day moving average of $5.99. The company has a quick ratio of 0.48, a current ratio of 1.39 and a debt-to-equity ratio of 16.69.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.06. The firm had revenue of $481.20 million during the quarter, compared to analysts' expectations 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, equities research analysts forecast that Alta Equipment Group will post -1.92 earnings per share for the current year.

Insider Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, Director Andrew P. Studdert acquired 6,743 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was acquired at an average cost of $4.80 per share, with a total value of $32,366.40. Following the purchase, the director directly owned 93,334 shares in the company, valued at approximately $448,003.20. This trade represents a 7.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 19.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP purchased a new position in shares of Alta Equipment Group during the 2nd quarter worth approximately $81,000. Bank of America Corp DE increased its stake in shares of Alta Equipment Group by 4.1% during the 2nd quarter. Bank of America Corp DE now owns 170,161 shares of the company's stock worth $1,075,000 after purchasing an additional 6,698 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Alta Equipment Group during the 2nd quarter worth approximately $35,000. Quantinno Capital Management LP increased its stake in shares of Alta Equipment Group by 72.4% during the 2nd quarter. Quantinno Capital Management LP now owns 62,314 shares of the company's stock worth $394,000 after purchasing an additional 26,176 shares in the last quarter. Finally, RBF Capital LLC purchased a new position in shares of Alta Equipment Group during the 2nd quarter worth approximately $632,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

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.