B. Riley Capital Management LLC recently announced the acquisition of new stake in Alta Equipment Group Inc. (NYSE:ALTG). The institutional investor has increased its shareholding in the Industrials company by 0.56% to 6.0 million shares with purchase of 33198.0 shares. This fresh investment now brings its stake to 18.64% valued currently at $79.15 million. In addition, Voss Capital LLC raised its holdings by 0.24 million to 1.07 million shares. And Granahan Investment Management, L has lifted its position by 6.60% or 61634.0 shares – to 1.0 million shares.
With over 0.18 million Alta Equipment Group Inc. (ALTG) shares trading Monday and a closing price of $16.07 on the day, the dollar volume was approximately $2.82 million. The shares have shown a positive half year performance of 46.22% and its price on 01/23/23 gained nearly 0.63%. Currently, there are 31.98M common shares owned by the public and among those 25.15M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for ALTG have a consensus price objective of $20.75. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $17.00. The average price target is 22.55% above its recent price level and an upside to the estimated low will see the stock gain 5.47% over that period. But an upside of 35.72% will see the stock hit the forecast high price target while median target price for the stock is $20.50.
Insiders at the company have transacted a total of 52 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 52 of these insider trades were purchases, accounting for 1,024,689 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Alta Equipment Group Inc. are Vanguard Total Stock Market Index, 180 Degree Capital Corp, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 0.57 million shares of the company’s stock, all valued at over $7.5 million. 180 Degree Capital Corp sold 50622.0 shares to see its total holdings shrink to 0.49 million shares valued at over $6.49 million and representing 1.53% of the shares outstanding. iShares Russell 2000 ETF sold 4331.0 shares to bring its total holdings to over 0.42 million shares at a value of $5.5 million. iShares Russell 2000 ETF now owns shares totaling to 1.29% of the shares outstanding.
Shares of Alta Equipment Group Inc. (NYSE: ALTG) opened at $15.95, down -$0.02 from a prior closing price of $15.97. However, the script later moved the day high at 16.19, up 0.63%. The company’s stock has a 5-day price change of 1.13% and 47.97% over the past three months. ALTG shares are trading 21.83% year to date (YTD), with the 12-month market performance up to 15.78% higher. It has a 12-month low price of $8.65 and touched a high of $16.47 over the same period. ALTG has an average intraday trading volume of 77.50K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.94%, 22.26%, and 37.01% respectively.
Institutional ownership of Alta Equipment Group Inc. (NYSE: ALTG) shares accounts for 66.20% of the company’s 31.98M shares outstanding. Mutual fund holders own 42.71%, while other institutional holders and individual stakeholders account for 45.40% and 16.04% respectively.
It has a market capitalization of $519.06M and a beta (3y monthly) value of 1.55. The stock’s trailing 12-month PE ratio is 81.57, while the earnings-per-share (ttm) stands at $0.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.90% over the week and 3.77% over the month.
Analysts forecast that Alta Equipment Group Inc. (ALTG) will achieve an EPS of $0.11 for the current quarter, $0.1 for the next quarter and $0.46 for 2023. The lowest estimate earnings-per-share for the quarter is $0.08 while analysts give the company a high EPS estimate of $0.15. Comparatively, EPS for the current quarter was -$0.02 a year ago. Earnings per share for the fiscal year are expected to increase by 18.20%, and 49.83% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Alta Equipment Group Inc. (ALTG) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ALTG, a number of firms have released research notes about the stock. Northland Capital stated their Outperform rating for the stock in a research note on September 23, 2022, with the firm’s price target at $25. B. Riley Securities coverage for the Alta Equipment Group Inc. (ALTG) stock in a research note released on January 04, 2022 offered a Buy rating with a price target of $22. Raymond James was of a view on May 14, 2021 that the stock is Outperform, while Dougherty & Company gave the stock Buy rating on April 07, 2020, issuing a price target of $8.50.
