B. Riley Has Positive Outlook of Altus Power FY2024 Earnings

Altus Power, Inc. (NYSE:AMPS) – Stock analysts at B. Riley raised their FY2024 earnings per share (EPS) estimates for Altus Power in a research note issued on Wednesday, November 13th. B. Riley analyst R. Pfingst now expects that the company will earn $0.14 per share for the year, up from their prior forecast of $0.08. The consensus estimate for Altus Power’s current full-year earnings is $0.14 per share. B. Riley also issued estimates for Altus Power’s FY2025 earnings at ($0.13) EPS and FY2026 earnings at ($0.15) EPS.

Several other research analysts have also recently weighed in on the stock. Roth Mkm restated a “buy” rating and issued a $4.50 price objective on shares of Altus Power in a research report on Wednesday, October 16th. Maxim Group decreased their price objective on Altus Power from $5.50 to $4.50 and set a “buy” rating for the company in a report on Monday, August 12th. Citigroup dropped their target price on Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. UBS Group decreased 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, August 9th. Finally, Morgan Stanley cut Altus Power from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $8.00 to $4.00 in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Altus Power has a consensus rating of “Buy” and an average price target of $5.81.

Altus Power Price Performance

Shares of Altus Power stock opened at $3.85 on Monday. The stock has a market capitalization of $619.04 million, a price-to-earnings ratio of 17.50 and a beta of 0.94. The firm’s 50-day moving average price is $3.35 and its two-hundred day moving average price is $3.70. The company has a current ratio of 0.60, a quick ratio of 0.91 and a debt-to-equity ratio of 2.10. Altus Power has a 1-year low of $2.71 and a 1-year high of $7.28.

Institutional Investors Weigh In On Altus Power

Institutional investors have recently modified their holdings of the business. Barclays PLC raised its holdings in Altus Power by 312.8% in the 3rd quarter. Barclays PLC now owns 115,987 shares of the company’s stock valued at $369,000 after acquiring an additional 87,886 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Altus Power in the third quarter worth $425,000. State Street Corp lifted its position in Altus Power by 0.6% during the third quarter. State Street Corp now owns 3,682,864 shares of the company’s stock worth $11,712,000 after purchasing an additional 21,312 shares during the period. Janus Henderson Group PLC grew its stake in Altus Power by 9.0% during the third quarter. Janus Henderson Group PLC now owns 44,792 shares of the company’s stock worth $142,000 after buying an additional 3,709 shares in the last quarter. Finally, HighTower Advisors LLC bought a new position in Altus Power in the 3rd quarter valued at about $41,000. Institutional investors own 46.55% of the company’s stock.

Altus Power Company Profile

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.