Alta Equipment Group Inc. (NYSE:ALTG) Stock Rated "Hold" by Wall Street Analysts

Key Points

• Analysts have a consensus “Hold” rating on Alta Equipment Group: of five covering analysts, two rate it Buy, two Hold, and one Sell. Their average 12-month price target is $9.17.
• Shares fell 6.3% to $5.30 in Friday trading, below their 50-day and 200-day moving averages.
• The company missed quarterly expectations, reporting a loss of $0.37 per share versus a projected $0.26 loss and revenue of $417.4 million versus an estimated $452.3 million.

Shares of Alta Equipment Group Inc. (NYSE:ALTG - Get Free Report) have been assigned a consensus recommendation of "Hold" from the five analysts that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $9.17.

ALTG has been the topic of several recent analyst reports. Wall Street Zen upgraded Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Weiss Ratings restated a "sell (d-)" rating on shares of Alta Equipment Group in a research report on Wednesday, August 26th. Citigroup restated an "outperform" rating on shares of Alta Equipment Group in a research report on Friday, September 25th. DA Davidson reduced their price objective on Alta Equipment Group from $8.00 to $6.00 and set a "neutral" rating on the stock in a research note on Friday. Finally, Northland Securities set a $12.00 target price on Alta Equipment Group in a research report on Friday, September 25th.

Alta Equipment Group Stock Down 6.3%

Shares of ALTG traded down $0.36 during midday trading on Friday, reaching $5.30. 202,503 shares of the stock were exchanged, compared to its average volume of 253,841. The stock's 50 day simple moving average is $6.22 and its 200 day simple moving average is $6.48. The company has a market cap of $173.22 million, a P/E ratio of -3.25 and a beta of 1.76. Alta Equipment Group has a twelve month low of $4.16 and a twelve month high of $8.69.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last issued its quarterly earnings results on Monday, November 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.11). The company had revenue of $417.40 million during 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%. As a group, analysts predict that Alta Equipment Group will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Alta Equipment Group

Hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP lifted its holdings in shares of Alta Equipment Group by 14.9% during the third quarter. Royce & Associates LP now owns 1,161,002 shares of the company's stock worth $7,059,000 after purchasing an additional 150,706 shares during the period. Nantahala Capital Management LLC grew its stake in shares of Alta Equipment Group by 9.3% in the third quarter. Nantahala Capital Management LLC now owns 791,839 shares of the company's stock worth $4,814,000 after purchasing an additional 67,065 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Alta Equipment Group by 123.5% in the first quarter. NewEdge Advisors LLC now owns 117,418 shares of the company's stock worth $631,000 after purchasing an additional 64,880 shares during the last quarter. Quantinno Capital Management LP increased its holdings in Alta Equipment Group by 27.9% in the first quarter. Quantinno Capital Management LP now owns 114,033 shares of the company's stock valued at $612,000 after purchasing an additional 24,908 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Alta Equipment Group by 22.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 80,419 shares of the company's stock valued at $432,000 after purchasing an additional 14,933 shares during the period. 73.58% of the stock is currently owned by institutional investors and hedge funds.

About Alta Equipment Group

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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