SC 13G 1 r13g-12312020.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 0) Titan Machinery Inc. (Name of Issuer) Common (Title of Class of Securities) 88830R101 (CUSIP Number) December 31, 2020 Date of Event Which Requires Filing of this Statement Check the appropriate box to designate the rule pursuant to which this Schedule is filed: X Rule 13d-1(b) ? Rule 13d-1(c) ? Rule 13d-1(d) The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP NO. 88830R101 1 Name of reporting person S.S. or I.R.S. Identification No. of Above Person GLOBAL ALPHA CAPITAL MANAGEMENT LTD. 2 Check the appropriate box if a member of a group (a) (b) ? 3 SEC USE ONLY 4 Citizenship or place of organization Montreal, Quebec, Canada 5 Sole Voting Power Number of Shares 1,199,087 Beneficially 6 Shared Voting Power owned by each reporting 7 Sole Dispositive Power person with 1,380,223 8 Shared Dispositive Power 9 Aggregate amount beneficially owned by each reporting person Global Alpha Capital Management Ltd. 1,380,223 10 Check box if the aggregate amount in row (9) excludes certain shares* Not Applicable 11 Percent of Class Represented by amount in Row 9 Global Alpha Capital Management Ltd. 6.1% 12 Type of Reporting* IA (Investment Adviser) SCHEDULE 13G Item 1. (a) Titan Machinery Inc. (b) 644 EAST BEATON DRIVE WEST FARGO ND 58078 United States Item 2. (a) GLOBAL ALPHA CAPITAL MANAGEMENT LTD. (b) 1800 McGill College Suite 1300 Montreal, Quebec H3A 3J6 Canada (c) Montreal, Quebec, Canada (d) Common (e) 88830R101 Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(h), check whether the person filing is a: Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E) Item 4. Ownership (a) 1,380,223 (b) 6.1% (c) (i) 0 (ii) 1,199,087 (iii) 1,380,223 (iv) 0 Item 5. Ownership of Five Percent or Less of a Class Not applicable Item 6. Ownership of More than Five Percent on Behalf of Another Person Not applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security being Reported on By the Parent Holding Company Not applicable Item 8. Identification and Classification of Members of the Group Not applicable Item 9. Notice of Dissolution of Group Not applicable Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. Global Alpha Capital Management Ltd. ("Company") is of the view that it and the investment companies and other accounts that it manages are not acting as a "group" for the purposes of section 13(d) under the Act and that it and such investment companies and accounts are not otherwise required to attribute to each other the "beneficial ownership" of securities "beneficially owned" under Rule 13D-3 promulgated under the 1934 Act. Therefore, it is of the view that the shares held by the Company and such investment companies and accounts should not be aggregated for purposes of section 13(d). After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 10, 2021 _ Date _____________________________ Signature Robert Beauregard, CIO_ Name/Title 4 Page