Alta Equipment Group Inc. (NYSE:ALGT) Faces Market Volatility with Optimistic Outlook
- Frederic Bastien from Raymond James set a price target of $9 for NYSE:ALTG, indicating a potential increase of 21.79%.
- The stock has experienced significant volatility, trading between $7.19 and $7.85, with a yearly high of $13.67 and a low of $5.40.
- Alta Equipment Group's Q3 2024 earnings call provided insights into the company's financial performance and strategic initiatives, crucial for understanding its future trajectory.
Alta Equipment Group Inc. (NYSE:ALTG) is a prominent player in the equipment industry, specializing in the sale, rental, and service of construction and industrial equipment. The company operates across various sectors, providing essential machinery and support to businesses. Alta Equipment Group faces competition from other equipment providers, but it continues to carve out its niche with a focus on customer service and comprehensive solutions.
On November 14, 2024, Frederic Bastien from Raymond James set a price target of $9 for ALTG. At that time, the stock was priced at $7.39, suggesting a potential increase of 21.79%. This optimistic outlook reflects confidence in the company's future performance and market position. However, the current stock price of $7.28 indicates a decrease of 8.66% from the previous price, with a change of $0.69.
During Alta Equipment Group's Q3 2024 earnings conference call, key figures like CEO Ryan Greenawalt and CFO Tony Colucci discussed the company's financial performance. The call, held on November 12, 2024, included analysts from D.A. Davidson, Thompson Research Group, and Northland Securities. This discussion likely provided insights into the company's strategic initiatives and market outlook, which are crucial for understanding its future trajectory.
The stock has shown volatility, trading between $7.19 and $7.85 today. Over the past year, ALTG has experienced a high of $13.67 and a low of $5.40. This fluctuation highlights the dynamic nature of the market and the challenges the company faces. Despite this, Alta Equipment Group maintains a market capitalization of approximately $240.9 million, with a trading volume of 179,527 shares on the NYSE.
As highlighted by StreetInsider, the price target set by Raymond James suggests potential growth for ALTG. Investors and analysts will be closely monitoring the company's performance and strategic decisions to assess its ability to reach this target. The insights from the recent earnings call will play a significant role in shaping expectations and guiding investment decisions.
| Symbol | Price | %chg |
|---|---|---|
| SKRN.JK | 432 | -0.46 |
| ASSA.JK | 725 | -4.83 |
| SMIL.JK | 210 | -0.95 |
| 089860.KS | 34600 | -1.16 |
Alta Equipment Group (NYSE: ALTG) Maintains Market Perform Rating
- Alta Equipment Group's Q3 2024 earnings report showed a loss of $0.86 per share, missing the Zacks Consensus Estimate.
- The company's revenue for the quarter was $448.8 million, with product support revenues increasing by 7.8%.
- Alta's Board of Directors increased the share buyback authorization from $12.5 million to $20 million.
On November 14, 2024, Raymond James maintained its "Market Perform" rating for Alta Equipment Group (NYSE: ALTG), advising investors to hold their positions. At the time, ALTG's stock price was $7.39. Alta Equipment Group is a company that provides equipment and related services for construction and material handling industries. It competes with other equipment providers in the market.
Alta Equipment's recent Q3 2024 earnings call, held on November 12, 2024, featured key company figures like CEO Ryan Greenawalt and CFO Tony Colucci. Analysts from firms such as D.A. Davidson and Thompson Research Group participated, likely discussing the company's financial performance and strategic plans. The call followed a disappointing earnings report, with a loss of $0.86 per share, missing the Zacks Consensus Estimate of a $0.22 loss.
The company's revenue for the quarter was $448.8 million, falling short of the Zacks Consensus Estimate by 6.71% and down from $466.2 million a year ago. Despite the overall decline, product support revenues increased by 7.8%, with parts sales at $75.6 million and service revenues at $64.6 million. However, sales of new and used equipment dropped by 13.3% to $219.8 million.
Alta Equipment reported a net loss of $28.4 million for the quarter, translating to a net loss per share of $0.86. On an adjusted basis, the net loss per share was $0.72, with an adjusted EBITDA of $43.2 million. The loss was significantly impacted by a $14 million discrete tax expense related to deferred tax assets.
In a strategic decision, Alta's Board of Directors increased the share buyback authorization from $12.5 million to $20 million on October 30, 2024. Currently, ALTG's stock price is $7.28, reflecting an 8.66% decrease. The stock has traded between $7.19 and $7.85 today, with a market capitalization of approximately $240.9 million.
Alta Equipment Group Inc. (NYSE:ALGT) Faces Market Volatility with Optimistic Outlook
- Frederic Bastien from Raymond James set a price target of $9 for NYSE:ALTG, indicating a potential increase of 21.79%.
- The stock has experienced significant volatility, trading between $7.19 and $7.85, with a yearly high of $13.67 and a low of $5.40.
- Alta Equipment Group's Q3 2024 earnings call provided insights into the company's financial performance and strategic initiatives, crucial for understanding its future trajectory.
Alta Equipment Group Inc. (NYSE:ALTG) is a prominent player in the equipment industry, specializing in the sale, rental, and service of construction and industrial equipment. The company operates across various sectors, providing essential machinery and support to businesses. Alta Equipment Group faces competition from other equipment providers, but it continues to carve out its niche with a focus on customer service and comprehensive solutions.
On November 14, 2024, Frederic Bastien from Raymond James set a price target of $9 for ALTG. At that time, the stock was priced at $7.39, suggesting a potential increase of 21.79%. This optimistic outlook reflects confidence in the company's future performance and market position. However, the current stock price of $7.28 indicates a decrease of 8.66% from the previous price, with a change of $0.69.
During Alta Equipment Group's Q3 2024 earnings conference call, key figures like CEO Ryan Greenawalt and CFO Tony Colucci discussed the company's financial performance. The call, held on November 12, 2024, included analysts from D.A. Davidson, Thompson Research Group, and Northland Securities. This discussion likely provided insights into the company's strategic initiatives and market outlook, which are crucial for understanding its future trajectory.
The stock has shown volatility, trading between $7.19 and $7.85 today. Over the past year, ALTG has experienced a high of $13.67 and a low of $5.40. This fluctuation highlights the dynamic nature of the market and the challenges the company faces. Despite this, Alta Equipment Group maintains a market capitalization of approximately $240.9 million, with a trading volume of 179,527 shares on the NYSE.
As highlighted by StreetInsider, the price target set by Raymond James suggests potential growth for ALTG. Investors and analysts will be closely monitoring the company's performance and strategic decisions to assess its ability to reach this target. The insights from the recent earnings call will play a significant role in shaping expectations and guiding investment decisions.
Alta Equipment Group (NYSE: ALTG) Maintains Market Perform Rating
- Alta Equipment Group's Q3 2024 earnings report showed a loss of $0.86 per share, missing the Zacks Consensus Estimate.
- The company's revenue for the quarter was $448.8 million, with product support revenues increasing by 7.8%.
- Alta's Board of Directors increased the share buyback authorization from $12.5 million to $20 million.
On November 14, 2024, Raymond James maintained its "Market Perform" rating for Alta Equipment Group (NYSE: ALTG), advising investors to hold their positions. At the time, ALTG's stock price was $7.39. Alta Equipment Group is a company that provides equipment and related services for construction and material handling industries. It competes with other equipment providers in the market.
Alta Equipment's recent Q3 2024 earnings call, held on November 12, 2024, featured key company figures like CEO Ryan Greenawalt and CFO Tony Colucci. Analysts from firms such as D.A. Davidson and Thompson Research Group participated, likely discussing the company's financial performance and strategic plans. The call followed a disappointing earnings report, with a loss of $0.86 per share, missing the Zacks Consensus Estimate of a $0.22 loss.
The company's revenue for the quarter was $448.8 million, falling short of the Zacks Consensus Estimate by 6.71% and down from $466.2 million a year ago. Despite the overall decline, product support revenues increased by 7.8%, with parts sales at $75.6 million and service revenues at $64.6 million. However, sales of new and used equipment dropped by 13.3% to $219.8 million.
Alta Equipment reported a net loss of $28.4 million for the quarter, translating to a net loss per share of $0.86. On an adjusted basis, the net loss per share was $0.72, with an adjusted EBITDA of $43.2 million. The loss was significantly impacted by a $14 million discrete tax expense related to deferred tax assets.
In a strategic decision, Alta's Board of Directors increased the share buyback authorization from $12.5 million to $20 million on October 30, 2024. Currently, ALTG's stock price is $7.28, reflecting an 8.66% decrease. The stock has traded between $7.19 and $7.85 today, with a market capitalization of approximately $240.9 million.
