Alta Equipment Group (NYSE:ALTG) Given New $6.00 Price Target at DA Davidson

Key Points

• DA Davidson cut its price target on Alta Equipment Group from $8 to $6 and maintained a Neutral rating; the new target implies 12.36% upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports an average Hold rating and a $9.17 average price target, with ratings ranging from Buy to Sell.
• Alta reported a quarterly loss of $0.37 per share, wider than analysts’ $0.26 loss estimate, while revenue of $417.4 million fell short of the $452.3 million consensus.

Alta Equipment Group (NYSE:ALTG - Get Free Report) had its price objective lowered by equities research analysts at DA Davidson from $8.00 to $6.00 in a research note issued on Friday, Benzinga reports. The firm presently has a "neutral" rating on the stock. DA Davidson's price objective indicates a potential upside of 12.36% from the company's previous close.

Several other equities analysts also recently commented on the company. Citigroup restated an "outperform" rating on shares of Alta Equipment Group in a research report on Friday, September 25th. 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. Northland Securities set a $12.00 price target on shares of Alta Equipment Group in a report on Friday, September 25th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Alta Equipment Group in a report on Wednesday, August 26th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Alta Equipment Group currently has an average rating of "Hold" and an average price target of $9.17.

Alta Equipment Group Price Performance

Alta Equipment Group stock traded down $0.32 during trading hours on Friday, reaching $5.34. The stock had a trading volume of 84,199 shares, compared to its average volume of 232,437. Alta Equipment Group has a 52 week low of $4.16 and a 52 week high of $8.69. The stock has a market cap of $174.46 million, a PE ratio of -3.27 and a beta of 1.76. The company has a fifty day simple moving average of $6.23 and a 200-day simple moving average of $6.49.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last announced its earnings results on Monday, November 9th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.11). The business had revenue of $417.40 million for the quarter, compared to the consensus estimate of $452.30 million. Alta Equipment Group had a negative net margin of 2.77% and a negative return on equity of 3,253.61%. Research analysts predict that Alta Equipment Group will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alta Equipment Group

Several large investors have recently modified their holdings of the business. Lazard Asset Management LLC purchased a new position in Alta Equipment Group in the first quarter valued at $70,000. Public Employees Retirement System of Ohio raised its position in Alta Equipment Group by 173.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 16,700 shares of the company's stock valued at $90,000 after purchasing an additional 10,600 shares during the last quarter. Ieq Capital LLC purchased a new stake in shares of Alta Equipment Group in the third quarter valued at about $125,000. Assenagon Asset Management S.A. acquired a new stake in shares of Alta Equipment Group during the third quarter worth about $200,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Alta Equipment Group by 22.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 80,419 shares of the company's stock worth $432,000 after buying an additional 14,933 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company's stock.

Alta Equipment Group Company Profile

Alta Equipment Group is a North American equipment dealership that sells, rents, and services equipment used in material handling, construction, and related industries. Its offerings include forklifts and other material handling equipment, construction machinery, and aerial work platforms. The company supports customers with equipment rentals, replacement parts, maintenance, repairs, and other aftermarket services. These offerings serve businesses that use equipment for activities such as warehousing, manufacturing, construction, and infrastructure work.

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