Alta Equipment Group (NYSE:ALTG) Price Target Cut to $9.00 by Analysts at Raymond James

Alta Equipment Group (NYSE:ALTG) had its price objective lowered by research analysts at Raymond James from $10.00 to $9.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “market perform” rating on the stock. Raymond James’ price target points to a potential upside of 22.62% from the stock’s previous close.

Several other equities analysts have also weighed in on ALTG. DA Davidson dropped their price objective on shares of Alta Equipment Group from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Northland Securities reiterated a “market perform” rating and set a $20.00 price target (down from $30.00) on shares of Alta Equipment Group in a report on Wednesday. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Alta Equipment Group currently has a consensus rating of “Hold” and a consensus price target of $15.75.

Alta Equipment Group Trading Down 7.9 %

Shares of NYSE:ALTG traded down $0.63 during mid-day trading on Thursday, reaching $7.34. 260,874 shares of the company’s stock were exchanged, compared to its average volume of 359,968. The business’s fifty day moving average price is $6.52 and its 200-day moving average price is $7.89. Alta Equipment Group has a twelve month low of $5.40 and a twelve month high of $13.67. The firm has a market capitalization of $242.88 million, a price-to-earnings ratio of -4.33 and a beta of 1.67. The company has a debt-to-equity ratio of 5.81, a quick ratio of 0.47 and a current ratio of 1.37.

Insider Activity

In related news, major shareholder Voss Capital, Lp sold 11,311 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the transaction, the insider now owns 963,689 shares of the company’s stock, valued at $6,080,877.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ALTG. EntryPoint Capital LLC grew its holdings in Alta Equipment Group by 88.0% during the first quarter. EntryPoint Capital LLC now owns 8,419 shares of the company’s stock valued at $109,000 after purchasing an additional 3,940 shares during the period. Quest Partners LLC bought a new stake in shares of Alta Equipment Group during the second quarter valued at approximately $80,000. The Manufacturers Life Insurance Company bought a new stake in Alta Equipment Group in the 2nd quarter valued at $89,000. SG Americas Securities LLC bought a new position in Alta Equipment Group during the third quarter valued at approximately $77,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Alta Equipment Group by 37.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock valued at $95,000 after acquiring an additional 3,218 shares during the last quarter. 73.58% of the stock is owned by hedge funds and other institutional investors.

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.