Altus Power, Inc. (NYSE:AMPS – Get Free Report)’s share price fell 11.3% during trading on Friday after Roth Mkm lowered their price target on the stock from $5.00 to $4.50. Roth Mkm currently has a buy rating on the stock. Altus Power traded as low as $2.91 and last traded at $3.13. 546,027 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 1,064,690 shares. The stock had previously closed at $3.53.
Other equities research analysts have also recently issued reports about the company. B. Riley upgraded Altus Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Seaport Res Ptn upgraded Altus Power to a “strong-buy” rating in a research note on Monday, June 3rd. UBS Group cut their price target on Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a research note on Friday. Morgan Stanley reiterated an “overweight” rating and issued a $9.00 price target on shares of Altus Power in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. cut Altus Power from an “overweight” rating to a “neutral” rating in a research note on Wednesday, May 15th. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $6.94.
Insiders Place Their Bets
In other Altus Power news, CEO Gregg J. Felton purchased 34,139 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $3.99 per share, for a total transaction of $136,214.61. Following the acquisition, the chief executive officer now owns 12,044,603 shares in the company, valued at approximately $48,057,965.97. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Gregg J. Felton acquired 82,576 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were bought at an average price of $3.90 per share, with a total value of $322,046.40. Following the transaction, the chief executive officer now directly owns 11,977,179 shares of the company’s stock, valued at $46,710,998.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Gregg J. Felton acquired 34,139 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $3.99 per share, for a total transaction of $136,214.61. Following the transaction, the chief executive officer now directly owns 12,044,603 shares in the company, valued at $48,057,965.97. The disclosure for this purchase can be found here. Company insiders own 24.30% of the company’s stock.
Hedge Funds Weigh In On Altus Power
A number of institutional investors and hedge funds have recently made changes to their positions in AMPS. Edmond DE Rothschild Holding S.A. lifted its position in Altus Power by 1.0% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 310,000 shares of the company’s stock valued at $2,117,000 after acquiring an additional 3,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Altus Power by 7.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 44,257 shares of the company’s stock valued at $212,000 after acquiring an additional 3,116 shares in the last quarter. Olympiad Research LP lifted its position in Altus Power by 8.2% in the 4th quarter. Olympiad Research LP now owns 62,704 shares of the company’s stock valued at $428,000 after acquiring an additional 4,726 shares in the last quarter. ANTIPODES PARTNERS Ltd lifted its position in Altus Power by 17.0% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 35,198 shares of the company’s stock valued at $168,000 after acquiring an additional 5,116 shares in the last quarter. Finally, Bouvel Investment Partners LLC lifted its position in Altus Power by 2.8% in the 1st quarter. Bouvel Investment Partners LLC now owns 305,673 shares of the company’s stock valued at $1,461,000 after acquiring an additional 8,295 shares in the last quarter. Institutional investors own 46.55% of the company’s stock.
Altus Power Stock Performance
The firm has a market cap of $507.72 million, a P/E ratio of -63.20 and a beta of 1.00. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.47. The company’s 50-day moving average is $4.11 and its two-hundred day moving average is $4.74.
Altus Power (NYSE:AMPS – Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). Altus Power had a negative net margin of 4.48% and a negative return on equity of 1.37%. The business had revenue of $40.66 million for the quarter, compared to analysts’ expectations of $39.13 million. During the same quarter last year, the firm earned ($0.05) EPS. As a group, equities analysts predict that Altus Power, Inc. will post -0.07 EPS for the current fiscal year.
About Altus Power
Altus Power, Inc, a clean electrification company, develops, owns, constructs, and operates roof, ground, and carport-based photovoltaic solar energy generation and storage systems. It serves commercial, industrial, public sector, and community solar customers. Altus Power, Inc was founded in 2013 and is headquartered in Stamford, Connecticut.