DA Davidson Cuts Alta Equipment Group (NYSE:ALTG) Price Target to $7.00

Alta Equipment Group (NYSE:ALTG) had its price objective decreased by investment analysts at DA Davidson from $8.00 to $7.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price target indicates a potential upside of 45.02% from the stock’s current price.

ALTG has been the topic of a number of other research reports. Wall Street Zen lowered shares of Alta Equipment Group from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Alta Equipment Group in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alta Equipment Group presently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Alta Equipment Group Stock Performance

Shares of ALTG opened at $4.83 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 0.49 and a debt-to-equity ratio of 257.10. The firm has a market cap of $154.71 million, a PE ratio of -1.92 and a beta of 1.57. The stock has a fifty day moving average price of $6.77 and a 200-day moving average price of $6.67. Alta Equipment Group has a 12 month low of $3.54 and a 12 month high of $8.99.

Alta Equipment Group (NYSE:ALTG) last released its earnings results on Thursday, November 6th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($1.04). Alta Equipment Group had a negative return on equity of 175.61% and a negative net margin of 4.34%.The company had revenue of $422.60 million for the quarter, compared to analysts’ expectations of $456.68 million. Equities research analysts predict that Alta Equipment Group will post -1.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alta Equipment Group

Several large investors have recently made changes to their positions in the stock. R Squared Ltd acquired a new stake in Alta Equipment Group in the 3rd quarter valued at approximately $79,000. Vanguard Group Inc. boosted its position in shares of Alta Equipment Group by 2.4% during the third quarter. Vanguard Group Inc. now owns 1,321,283 shares of the company’s stock worth $9,566,000 after buying an additional 30,552 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Alta Equipment Group by 262.1% in the third quarter. JPMorgan Chase & Co. now owns 199,434 shares of the company’s stock valued at $1,444,000 after buying an additional 144,350 shares in the last quarter. Meixler Investment Management Ltd. grew its stake in shares of Alta Equipment Group by 116.7% in the third quarter. Meixler Investment Management Ltd. now owns 72,192 shares of the company’s stock valued at $523,000 after buying an additional 38,875 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Alta Equipment Group by 192.2% in the 3rd quarter. AlphaQuest LLC now owns 30,546 shares of the company’s stock valued at $221,000 after buying an additional 20,093 shares during the period. 73.58% of the stock is currently owned by institutional investors and hedge funds.

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.