Alta Equipment Group (NYSE:ALTG) Downgraded to Sell Rating by Wall Street Zen

Alta Equipment Group (NYSE:ALTG) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Other equities research analysts have also recently issued reports about the stock. DA Davidson restated a “neutral” rating and set a $8.00 price objective on shares of Alta Equipment Group in a research note on Monday, August 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alta Equipment Group in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.25.

Alta Equipment Group Stock Performance

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

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

Institutional Investors Weigh In On Alta Equipment Group

A number of institutional investors and hedge funds have recently bought and sold shares of ALTG. Citizens Financial Group Inc. RI purchased a new position in shares of Alta Equipment Group during the first quarter valued at $436,000. Invesco Ltd. grew its stake in Alta Equipment Group by 7.4% during the 1st quarter. Invesco Ltd. now owns 84,363 shares of the company’s stock valued at $396,000 after acquiring an additional 5,781 shares in the last quarter. GSA Capital Partners LLP grew its stake in Alta Equipment Group by 98.4% during the 1st quarter. GSA Capital Partners LLP now owns 358,290 shares of the company’s stock valued at $1,680,000 after acquiring an additional 177,685 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Alta Equipment Group by 1,279.1% during the second quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock worth $37,000 after purchasing an additional 5,385 shares during the period. Finally, Corton Capital Inc. acquired a new position in Alta Equipment Group in the 1st quarter valued at approximately $152,000. 73.58% of the stock is 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.