Wall Street Zen Upgrades Alta Equipment Group (NYSE:ALTG) to "Hold"

Key Points

• Wall Street Zen upgraded Alta Equipment Group from “sell” to “hold,” bringing the consensus rating to “Hold” with a consensus price target of $8.75.
• Alta Equipment’s shares opened at $7.26, with a market capitalization of approximately $236 million and a 52-week trading range of $4.16 to $8.88.
• The company’s latest quarterly results missed expectations, reporting a loss of $0.25 per share versus the $0.21 consensus estimate and revenue of $475.5 million versus $488.71 million expected.

Alta Equipment Group (NYSE:ALTG - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Other research analysts have also issued reports about the stock. DA Davidson restated a "neutral" rating and issued a $8.00 price objective on shares of Alta Equipment Group in a report on Wednesday, June 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Alta Equipment Group in a research note on Friday, May 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $8.75.

Alta Equipment Group Stock Performance

ALTG opened at $7.26 on Friday. The stock has a market capitalization of $236.08 million, a PE ratio of -2.82 and a beta of 1.73. The stock's 50 day moving average price is $6.80 and its 200-day moving average price is $6.59. Alta Equipment Group has a 52-week low of $4.16 and a 52-week high of $8.88.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.25) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.04). The business had revenue of $475.50 million during the quarter, compared to analysts' expectations of $488.71 million. Alta Equipment Group had a negative return on equity of 3,253.61% and a negative net margin of 4.42%. Research analysts forecast that Alta Equipment Group will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Alta Equipment Group

Several hedge funds have recently made changes to their positions in ALTG. Royal Bank of Canada grew its stake in Alta Equipment Group by 55.1% in the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company's stock worth $28,000 after purchasing an additional 2,186 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Alta Equipment Group by 221.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company's stock worth $28,000 after purchasing an additional 4,200 shares in the last quarter. Quarry LP lifted its position in Alta Equipment Group by 150.9% during the fourth quarter. Quarry LP now owns 6,676 shares of the company's stock valued at $31,000 after buying an additional 4,015 shares during the period. Raymond James Financial Inc. purchased a new position in Alta Equipment Group during the second quarter valued at $35,000. Finally, Inscription Capital LLC bought a new stake in shares of Alta Equipment Group during the 4th quarter valued at $56,000. 73.58% of the stock is currently owned by institutional investors.

About Alta Equipment Group

Alta Equipment Group, Inc NYSE: ALTG is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.

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