Shares of Alta Equipment Group Inc. (NYSE:ALTG) are currently rated with an average recommendation of “Hold” by seven analysts covering the stock, according to MarketBeat. The consensus price target set by these analysts stands at $11.00, reflecting varying outlooks on the company’s performance. Among the analysts, two have issued a sell rating, two have assigned a hold rating, one has recommended a buy rating, and two have given a strong buy rating.
Recent assessments of Alta Equipment Group have highlighted some concerns. On November 6, Weiss Ratings reiterated a “sell (e+)” rating in a research note. Additionally, Wall Street Zen downgraded the stock from a “hold” to a “sell” on November 8. DA Davidson also adjusted their price target, reducing it from $8.00 to $7.00 while maintaining a “neutral” rating. Zacks Research took an even more cautious stance, moving from a “hold” rating to a “strong sell” on November 14.
Institutional Investors Show Interest
Several hedge funds have made adjustments to their stakes in Alta Equipment Group recently. Notably, Tudor Investment Corp ET AL acquired a new position valued at $652,000 in the third quarter. CIBC Bancorp USA Inc. also entered the fold with a new stake worth $3,435,000. Other notable investments include Jacobs Levy Equity Management Inc. at approximately $83,000, NewEdge Advisors LLC at around $435,000, and PharVision Advisers LLC, which invested about $114,000. Collectively, institutional investors and hedge funds hold approximately 73.58% of the company’s stock.
As of November 6, Alta Equipment Group shares opened at $4.73 and experienced a slight increase of 0.5% during trading. The stock has a 50-day simple moving average of $5.23 and a 200-day simple moving average of $6.61. With a market capitalization of $152.33 million, the company has a price-to-earnings ratio of -1.88 and a beta of 1.56. The company recorded a 52-week low of $3.54 and a high of $8.99.
Recent Earnings Report Reflects Challenges
On November 6, Alta Equipment Group released its quarterly earnings data, reporting an earnings per share (EPS) of ($1.31). This figure fell short of the consensus estimate of ($0.27) by a significant margin of $1.04. The company also noted a negative net margin of 4.34% and a negative return on equity of 175.61%. Revenue for the quarter amounted to $422.60 million, which was below the expected $456.68 million.
Looking ahead, analysts anticipate that Alta Equipment Group will post an EPS of ($1.92) for the current year, indicating continued challenges for the company.
Founded in North America, Alta Equipment Group, Inc. operates as a distributor of material handling and logistics equipment. The company offers a diverse range of products, including forklifts, aerial work platforms, and pallet jacks, catering to various industrial sectors such as manufacturing and warehousing. Through its extensive branch network, Alta Equipment provides customers with new and used sales, rental services, and integrated fleet management solutions aimed at enhancing operational efficiency. Additionally, the company emphasizes comprehensive after-sales services to support its clients effectively.
