Altus Power (NYSE:AMPS) Price Target Cut to $7.00 by Analysts at B. Riley

Altus Power (NYSE:AMPSFree Report) had its price objective trimmed by B. Riley from $10.00 to $7.00 in a report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on AMPS. Maxim Group assumed coverage on shares of Altus Power in a research report on Wednesday, April 10th. They issued a buy rating and a $7.00 price objective for the company. Morgan Stanley reissued an overweight rating and issued a $9.00 price objective on shares of Altus Power in a research report on Thursday, April 11th. Finally, Roth Mkm decreased their price objective on shares of Altus Power from $8.00 to $7.00 and set a buy rating for the company in a research report on Friday, March 15th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of Buy and an average target price of $8.25.

Check Out Our Latest Analysis on AMPS

Altus Power Trading Down 4.2 %

AMPS stock opened at $3.62 on Monday. Altus Power has a 52 week low of $3.61 and a 52 week high of $7.28. The company has a market cap of $575.87 million, a price-to-earnings ratio of -51.71 and a beta of 0.88. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 2.33. The business has a fifty day simple moving average of $5.48 and a 200-day simple moving average of $5.57.

Altus Power (NYSE:AMPSGet Free Report) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%. The company had revenue of $34.19 million during the quarter, compared to analyst estimates of $42.85 million. On average, equities research analysts expect that Altus Power will post -0.1 EPS for the current year.

Insider Transactions at Altus Power

In other news, CEO Lars Norell sold 40,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $5.58, for a total transaction of $223,200.00. Following the transaction, the chief executive officer now owns 21,654,907 shares of the company’s stock, valued at $120,834,381.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Anthony Savino sold 34,725 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total transaction of $243,769.50. Following the sale, the insider now owns 3,907,536 shares in the company, valued at $27,430,902.72. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lars Norell sold 40,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $5.58, for a total transaction of $223,200.00. Following the sale, the chief executive officer now owns 21,654,907 shares in the company, valued at approximately $120,834,381.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 83,673 shares of company stock valued at $530,948. Insiders own 31.55% of the company’s stock.

Institutional Investors Weigh In On Altus Power

Several institutional investors and hedge funds have recently bought and sold shares of the business. Handelsbanken Fonder AB acquired a new stake in shares of Altus Power in the fourth quarter valued at approximately $5,298,000. abrdn plc increased its stake in shares of Altus Power by 1,217.7% in the third quarter. abrdn plc now owns 619,300 shares of the company’s stock valued at $3,251,000 after purchasing an additional 572,300 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Altus Power in the fourth quarter valued at approximately $3,671,000. Vanguard Group Inc. increased its stake in shares of Altus Power by 12.8% in the third quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock valued at $20,324,000 after purchasing an additional 438,845 shares during the period. Finally, DAVENPORT & Co LLC acquired a new stake in shares of Altus Power in the third quarter valued at approximately $580,000. Institutional investors and hedge funds own 46.55% of the company’s stock.

About Altus Power

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Altus Power (NYSE:AMPS)

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