Nantahala Capital Management LLC Raises Stock Position in Alta Equipment Group Inc. $ALTG

Key Points

• Nantahala Capital Management LLC increased its stake in Alta Equipment Group by 23.4%, owning over 1 million shares valued at approximately $4.89 million following the first quarter of the year.
• Several other institutional investors, including Wells Fargo and MetLife Investment Management, have also recently boosted their holdings in Alta Equipment Group, resulting in institutional ownership of 73.58% in total.
• Alta Equipment Group reported earnings per share of ($0.21), exceeding analysts' expectations, while also forecasting a projected earnings per share of ($1.92) for the current fiscal year.

Nantahala Capital Management LLC raised its stake in shares of Alta Equipment Group Inc. (NYSE:ALTG - Free Report) by 23.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,042,769 shares of the company's stock after purchasing an additional 197,654 shares during the period. Nantahala Capital Management LLC owned 3.17% of Alta Equipment Group worth $4,891,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Voss Capital LP lifted its holdings in Alta Equipment Group by 2.3% during the first quarter. Voss Capital LP now owns 2,980,816 shares of the company's stock valued at $13,980,000 after purchasing an additional 65,816 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Alta Equipment Group by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 608,406 shares of the company's stock valued at $3,979,000 after purchasing an additional 18,926 shares in the last quarter. CastleKnight Management LP lifted its holdings in Alta Equipment Group by 70.2% during the fourth quarter. CastleKnight Management LP now owns 540,986 shares of the company's stock valued at $3,538,000 after purchasing an additional 223,072 shares in the last quarter. Royce & Associates LP lifted its holdings in Alta Equipment Group by 48.3% during the first quarter. Royce & Associates LP now owns 393,270 shares of the company's stock valued at $1,844,000 after purchasing an additional 128,000 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its stake in shares of Alta Equipment Group by 98.4% in the first 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 in the last quarter. 73.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ALTG shares. Northland Capmk raised shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th. DA Davidson reissued a "neutral" rating and issued a $8.00 price target on shares of Alta Equipment Group in a research note on Monday, August 18th. Wall Street Zen raised shares of Alta Equipment Group from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Raymond James Financial decreased their price target on shares of Alta Equipment Group from $8.50 to $7.00 and set a "market perform" rating on the stock in a research note on Friday, May 16th. Finally, Northland Securities raised 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. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $11.25.

Alta Equipment Group Stock Up 3.5%

Shares of ALTG stock traded up $0.29 during trading on Friday, reaching $8.54. The company's stock had a trading volume of 229,391 shares, compared to its average volume of 244,492. Alta Equipment Group Inc. has a 1-year low of $3.54 and a 1-year high of $8.99. The stock's 50-day moving average price is $7.86 and its 200 day moving average price is $6.05. The company has a debt-to-equity ratio of 16.69, a current ratio of 1.39 and a quick ratio of 0.48. The company has a market capitalization of $273.71 million, a price-to-earnings ratio of -4.15 and a beta of 1.61.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping 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 company had revenue of $481.20 million during the quarter, compared to the consensus estimate of $478.63 million. On average, research analysts anticipate that Alta Equipment Group Inc. 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.