Alta Equipment Group (NYSE:ALTG) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Alta Equipment Group (NYSE:ALTG) from a sell rating to a hold rating in a research report report published on Saturday morning.

Other equities research analysts have also recently issued research reports about the company. DA Davidson reaffirmed a “neutral” rating and set a $8.00 target price on shares of Alta Equipment Group in a research report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alta Equipment Group in a research report on Friday, May 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Alta Equipment Group currently has an average rating of “Hold” and a consensus price target of $8.75.

Alta Equipment Group Stock Performance

ALTG opened at $7.26 on Friday. The company has a market cap of $237.05 million, a PE ratio of -2.82 and a beta of 1.73. The stock has a 50-day moving average of $6.80 and a 200-day moving average of $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) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.04). Alta Equipment Group had a negative net margin of 4.42% and a negative return on equity of 3,253.61%. The company had revenue of $475.50 million for the quarter, compared to analyst estimates of $488.71 million. On average, research analysts predict that Alta Equipment Group will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Alta Equipment Group

A number of institutional investors have recently made changes to their positions in the business. CIBC Bancorp USA Inc. acquired a new position in shares of Alta Equipment Group during the 3rd quarter worth about $3,435,000. JPMorgan Chase & Co. grew its holdings in Alta Equipment Group by 262.1% in the 3rd 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 during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Alta Equipment Group in the 3rd quarter valued at approximately $968,000. Squarepoint Ops LLC increased its position in Alta Equipment Group by 612.6% in the 4th quarter. Squarepoint Ops LLC now owns 122,822 shares of the company’s stock worth $565,000 after buying an additional 105,587 shares during the period. Finally, CastleKnight Management LP increased its position in Alta Equipment Group by 11.4% in the 4th quarter. CastleKnight Management LP now owns 870,128 shares of the company’s stock worth $4,003,000 after buying an additional 89,068 shares during the period. 73.58% of the stock is currently owned by institutional investors.

Alta Equipment Group Company Profile

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.