Brokerages Set Alta Equipment Group Inc. (NYSE:ALTG) Price Target at $11.25

Alta Equipment Group Inc. (NYSE:ALTG) has earned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, one has assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $11.25.

Several analysts have recently commented on ALTG shares. Northland Capmk upgraded Alta Equipment Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 8th. Northland Securities upgraded Alta Equipment Group from a “market perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a report on Tuesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alta Equipment Group in a report on Wednesday, October 8th. Finally, DA Davidson reiterated a “neutral” rating and set a $8.00 price objective on shares of Alta Equipment Group in a report on Monday, August 18th.

Alta Equipment Group Stock Up 3.4%

Shares of NYSE:ALTG opened at $6.57 on Friday. The business’s 50 day moving average is $7.54 and its 200 day moving average is $6.39. The company has a quick ratio of 0.48, a current ratio of 1.39 and a debt-to-equity ratio of 16.69. The stock has a market cap of $210.41 million, a P/E ratio of -3.19 and a beta of 1.58. Alta Equipment Group has a 52-week low of $3.54 and a 52-week high of $8.99.

Alta Equipment Group (NYSE:ALTG) last posted its earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The company had revenue of $481.20 million during the quarter, compared to analyst estimates of $478.63 million. Alta Equipment Group had a negative return on equity of 95.61% and a negative net margin of 3.53%. Sell-side analysts predict that Alta Equipment Group will post -1.92 EPS for the current year.

Hedge Funds Weigh In On Alta Equipment Group

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in shares of Alta Equipment Group in the 2nd quarter valued at $35,000. Farther Finance Advisors LLC increased its position in shares of Alta Equipment Group by 1,279.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock valued at $37,000 after acquiring an additional 5,385 shares during the period. Lido Advisors LLC acquired a new position in shares of Alta Equipment Group in the 2nd quarter valued at $74,000. Engineers Gate Manager LP acquired a new position in shares of Alta Equipment Group in the 2nd quarter valued at $81,000. Finally, Strs Ohio acquired a new position in shares of Alta Equipment Group in the 1st quarter valued at $138,000. 73.58% of the stock is owned by institutional investors and hedge funds.

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.