Weiss Ratings Reiterates "Sell (D-)" Rating for Alta Equipment Group (NYSE:ALTG)

Key Points

• Weiss Ratings has reiterated a "Sell (D-)" rating for Alta Equipment Group (NYSE:ALTG), indicating continued bearish sentiment towards the stock.
• Despite the negative rating from Weiss, other analysts have shown confidence by upgrading their ratings, with Northland Securities moving from "market perform" to "outperform" and setting a target price of $20.00.
• As of the last trading session, Alta Equipment Group's stock is down 0.7%, with a current price of $6.59 and a 52-week high of $8.99.

Alta Equipment Group (NYSE:ALTG - Get Free Report)'s stock had its "sell (d-)" rating reiterated by investment analysts at Weiss Ratings in a report released on Friday,Weiss Ratings reports.

A number of other research analysts also recently weighed in on ALTG. 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 research report on Tuesday, July 8th. Northland Capmk raised shares of Alta Equipment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, DA Davidson reaffirmed a "neutral" rating and issued a $8.00 target price on shares of Alta Equipment Group in a research report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.25.

Alta Equipment Group Stock Down 0.7%

Shares of ALTG stock traded down $0.05 during trading hours on Friday, hitting $6.59. 72,957 shares of the company were exchanged, compared to its average volume of 218,391. The business has a 50 day moving average of $7.35 and a two-hundred day moving average of $6.48. The company has a current ratio of 1.39, a quick ratio of 0.48 and a debt-to-equity ratio of 16.69. Alta Equipment Group has a 52 week low of $3.54 and a 52 week high of $8.99. The company has a market capitalization of $211.05 million, a PE ratio of -3.19 and a beta of 1.58.

Alta Equipment Group (NYSE:ALTG - Get Free Report) last issued its quarterly earnings data 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. 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. Analysts anticipate that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Institutional Trading of Alta Equipment Group

A number of large investors have recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI acquired a new stake in shares of Alta Equipment Group during the 1st quarter worth about $436,000. Invesco Ltd. lifted its stake in shares of Alta Equipment Group by 7.4% during the 1st quarter. Invesco Ltd. now owns 84,363 shares of the company's stock worth $396,000 after buying an additional 5,781 shares during the last quarter. GSA Capital Partners LLP lifted its stake in shares of Alta Equipment Group by 98.4% during the 1st 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 during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Alta Equipment Group by 1,279.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company's stock worth $37,000 after buying an additional 5,385 shares during the last quarter. Finally, Corton Capital Inc. acquired a new stake in shares of Alta Equipment Group during the 1st quarter worth about $152,000. Institutional investors and hedge funds own 73.58% of the company's stock.

About Alta Equipment Group

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.

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