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

Alta Equipment Group (NYSE:ALTG) had its price objective reduced by analysts at DA Davidson from $8.00 to $7.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s target price would suggest a potential upside of 45.08% from the company’s current price.

Several other equities analysts have also issued reports on ALTG. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alta Equipment Group in a report on Wednesday, October 8th. Wall Street Zen cut Alta Equipment Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Alta Equipment Group Stock Performance

Shares of ALTG stock opened at $4.83 on Wednesday. The company has a debt-to-equity ratio of 257.10, a current ratio of 1.42 and a quick ratio of 0.49. The firm has a 50-day moving average of $6.64 and a 200-day moving average of $6.65. Alta Equipment Group has a one year low of $3.54 and a one year high of $8.99. The company has a market cap of $154.64 million, a P/E ratio of -1.92 and a beta of 1.57.

Alta Equipment Group (NYSE:ALTG) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($1.31) earnings per share (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 the consensus estimate of $456.68 million. Alta Equipment Group had a negative return on equity of 175.61% and a negative net margin of 4.34%. Equities research analysts forecast that Alta Equipment Group will post -1.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Alta Equipment Group

Several institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Alta Equipment Group during the second quarter valued at $35,000. Farther Finance Advisors LLC grew its stake in shares of Alta Equipment Group by 1,279.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,806 shares of the company’s stock worth $37,000 after acquiring an additional 5,385 shares during the period. Lido Advisors LLC purchased a new stake in Alta Equipment Group in the 2nd quarter worth about $74,000. R Squared Ltd purchased a new stake in Alta Equipment Group in the 3rd quarter worth about $79,000. Finally, Engineers Gate Manager LP bought a new stake in Alta Equipment Group in the 2nd quarter valued at about $81,000. Hedge funds and other institutional investors own 73.58% of the company’s stock.

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.