Alta Equipment Group (NYSE:ALTG) Stock Rating Lowered by Wall Street Zen

Alta Equipment Group (NYSE:ALTG) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

A number of other research analysts also recently weighed in on the stock. DA Davidson restated a “neutral” rating and set a $8.00 price target on shares of Alta Equipment Group in a report on Monday, August 18th. Weiss Ratings reissued 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 issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.25.

Alta Equipment Group Stock Down 10.9%

Shares of ALTG traded down $0.64 during midday trading on Friday, reaching $5.25. 488,952 shares of the stock were exchanged, compared to its average volume of 145,052. The company has a market cap of $168.26 million, a price-to-earnings ratio of -2.09 and a beta of 1.57. The company has a quick ratio of 0.48, a current ratio of 1.39 and a debt-to-equity ratio of 16.69. Alta Equipment Group has a 12-month low of $3.54 and a 12-month high of $8.99. The firm has a 50 day simple moving average of $6.90 and a 200-day simple moving average of $6.63.

Alta Equipment Group (NYSE:ALTG) last released its quarterly earnings data on Thursday, November 6th. The company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($1.04). The firm had revenue of $422.60 million during the quarter, compared to analyst estimates of $456.68 million. Alta Equipment Group had a negative return on equity of 133.86% and a negative net margin of 4.34%. Research analysts forecast that Alta Equipment Group will post -1.92 EPS for the current year.

Institutional Investors Weigh In On Alta Equipment Group

Hedge funds have recently bought and sold shares of the company. Royce & Associates LP raised its position in shares of 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 buying an additional 128,000 shares during the last quarter. Corton Capital Inc. acquired a new position in Alta Equipment Group in the 1st quarter valued at approximately $152,000. GSA Capital Partners LLP lifted its position in shares of Alta Equipment Group by 98.4% in the 1st quarter. GSA Capital Partners LLP now owns 358,290 shares of the company’s stock worth $1,680,000 after acquiring an additional 177,685 shares during the period. Citizens Financial Group Inc. RI bought a new stake in shares of Alta Equipment Group in the 1st quarter worth approximately $436,000. Finally, Invesco Ltd. increased its position in shares of Alta Equipment Group by 7.4% during the first quarter. Invesco Ltd. now owns 84,363 shares of the company’s stock valued at $396,000 after purchasing an additional 5,781 shares during the period. 73.58% of the stock is currently owned by institutional investors.

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.