Alta Equipment Group (NYSE:ALTG) Downgraded by Northland Capmk to Hold

Alta Equipment Group (NYSE:ALTG - Get Free Report) was downgraded by analysts at Northland Capmk from a "strong-buy" rating to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on the company. Raymond James reiterated a "market perform" rating and issued a $10.00 price objective (down from $14.00) on shares of Alta Equipment Group in a research report on Friday, August 9th. DA Davidson lowered their price objective on Alta Equipment Group from $20.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, August 13th. Finally, Northland Securities restated a "market perform" rating and set a $20.00 target price (down from $30.00) on shares of Alta Equipment Group in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Alta Equipment Group has an average rating of "Hold" and a consensus price target of $15.75.

Alta Equipment Group Price Performance

Shares of NYSE ALTG traded down $0.81 during trading on Wednesday, reaching $7.16. The company had a trading volume of 355,216 shares, compared to its average volume of 360,395. Alta Equipment Group has a 52 week low of $5.40 and a 52 week high of $13.67. The business's 50 day moving average price is $6.52 and its 200-day moving average price is $7.89. The stock has a market cap of $236.92 million, a PE 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 Buying and Selling at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of Alta Equipment Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $6.31, for a total transaction of $71,372.41. Following the transaction, the insider now directly owns 963,689 shares in the company, valued at approximately $6,080,877.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 19.90% of the company's stock.

Hedge Funds Weigh In On Alta Equipment Group

A number of large investors have recently bought and sold shares of the company. Quantbot Technologies LP increased its position in Alta Equipment Group by 67.7% during the first quarter. Quantbot Technologies LP now owns 15,736 shares of the company's stock worth $204,000 after buying an additional 6,355 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Alta Equipment Group by 38.3% in the first quarter. Russell Investments Group Ltd. now owns 191,063 shares of the company's stock valued at $2,474,000 after acquiring an additional 52,896 shares during the last quarter. Vanguard Group Inc. lifted its stake in Alta Equipment Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,250,154 shares of the company's stock worth $16,189,000 after purchasing an additional 8,962 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in shares of Alta Equipment Group by 88.0% in the 1st 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 in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Alta Equipment Group by 237.0% in the 1st quarter. Janus Henderson Group PLC now owns 50,957 shares of the company's stock valued at $660,000 after purchasing an additional 35,838 shares in the last quarter. Institutional investors and hedge funds 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.