Alta Equipment (ALTG) Stock Jumps 16.1%: Will It Continue to Soar?

Alta Equipment Group Inc. ALTG 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), 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).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alta Equipment Group Inc. (ALTG): Free Stock Analysis Report Illinois Tool Works Inc. (ITW): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks