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Alta Equipment (ALTG) Stock Jumps 16.1%: Will It Continue to Soar?
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Alta Equipment Group Inc. (ALTG - Free Report) shares rallied 16.1% in the last trading session to close at $8.6. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.3% gain over the past four weeks.
Alta Equipment’s rally is largely driven by optimism over rising customer demand, a favorable pricing environment, an increase in rental, new & used equipment and parts sales. Also, the acquisition of Les Chariots Elevateurs Du Quebec Inc. ("CEQ") bodes well for the company.
This company is expected to post quarterly loss of $0.27 per share in its upcoming report, which represents a year-over-year change of +29%. Revenues are expected to be $477.32 million, down 2.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Alta Equipment, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ALTG going forward to see if this recent jump can turn into more strength down the road.
Alta Equipment is a member of the Zacks Manufacturing - General Industrial industry. One other stock in the same industry, Illinois Tool Works (ITW - Free Report) , finished the last trading session 1.3% higher at $257.9. ITW has returned 3% over the past month.
For Illinois Tool Works, the consensus EPS estimate for the upcoming report has changed -0.1% over the past month to $2.55. This represents a change of +0.4% from what the company reported a year ago. Illinois Tool Works currently has a Zacks Rank of #3 (Hold).
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Alta Equipment (ALTG) Stock Jumps 16.1%: Will It Continue to Soar?
Alta Equipment Group Inc. (ALTG - Free Report) shares rallied 16.1% in the last trading session to close at $8.6. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.3% gain over the past four weeks.
Alta Equipment’s rally is largely driven by optimism over rising customer demand, a favorable pricing environment, an increase in rental, new & used equipment and parts sales. Also, the acquisition of Les Chariots Elevateurs Du Quebec Inc. ("CEQ") bodes well for the company.
This company is expected to post quarterly loss of $0.27 per share in its upcoming report, which represents a year-over-year change of +29%. Revenues are expected to be $477.32 million, down 2.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Alta Equipment, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ALTG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Alta Equipment is a member of the Zacks Manufacturing - General Industrial industry. One other stock in the same industry, Illinois Tool Works (ITW - Free Report) , finished the last trading session 1.3% higher at $257.9. ITW has returned 3% over the past month.
For Illinois Tool Works, the consensus EPS estimate for the upcoming report has changed -0.1% over the past month to $2.55. This represents a change of +0.4% from what the company reported a year ago. Illinois Tool Works currently has a Zacks Rank of #3 (Hold).