Alta Equipment Group (NYSE:ALTG) Earns Buy Rating from Analysts at B. Riley

Equities research analysts at B. Riley initiated coverage on shares of Alta Equipment Group (NYSE:ALTG) in a research report issued on Thursday. The brokerage set a “buy” rating and a $10.00 price target on the stock. B. Riley’s price target would indicate a potential upside of 104.92% from the stock’s current price.

Separately, Raymond James decreased their target price on Alta Equipment Group from $9.00 to $8.50 and set a “market perform” rating for the company in a research report on Monday, March 10th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $12.63.

Alta Equipment Group Price Performance

ALTG stock opened at $4.88 on Thursday. The company has a debt-to-equity ratio of 7.45, a current ratio of 1.35 and a quick ratio of 0.43. Alta Equipment Group has a 1 year low of $4.45 and a 1 year high of $13.67. The company’s 50-day moving average is $6.30 and its 200-day moving average is $6.65. The stock has a market capitalization of $160.36 million, a PE ratio of -2.87 and a beta of 1.81.

Insider Buying and Selling

In other Alta Equipment Group news, COO Craig Brubaker sold 5,294 shares of Alta Equipment Group stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $5.00, for a total transaction of $26,470.00. Following the completion of the sale, the chief operating officer now owns 98,640 shares of the company’s stock, valued at $493,200. The trade was a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alta Equipment Group

Several institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD purchased a new stake in shares of Alta Equipment Group during the fourth quarter valued at approximately $69,000. Intech Investment Management LLC bought a new stake in Alta Equipment Group during the fourth quarter worth about $79,000. Wells Fargo & Company MN boosted its stake in Alta Equipment Group by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 12,533 shares of the company’s stock worth $82,000 after acquiring an additional 4,272 shares in the last quarter. SG Americas Securities LLC grew its holdings in Alta Equipment Group by 20.8% in the fourth quarter. SG Americas Securities LLC now owns 13,784 shares of the company’s stock worth $90,000 after purchasing an additional 2,375 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in shares of Alta Equipment Group by 49.4% during the fourth quarter. MetLife Investment Management LLC now owns 20,313 shares of the company’s stock valued at $133,000 after purchasing an additional 6,716 shares during the last quarter. 73.58% of the stock is currently 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.