Altus Power (NYSE:AMPS) Reaches New 12-Month Low on Analyst Downgrade

Altus Power, Inc. (NYSE:AMPS) hit a new 52-week low on Monday after B. Riley lowered their price target on the stock from $10.00 to $7.00. B. Riley currently has a buy rating on the stock. Altus Power traded as low as $3.62 and last traded at $3.63, with a volume of 294362 shares traded. The stock had previously closed at $3.78.

AMPS has been the subject of several other research reports. Roth Mkm decreased their target price on Altus Power from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, March 15th. 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, Maxim Group assumed coverage on Altus Power in a research note on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Altus Power has an average rating of “Buy” and a consensus price target of $8.25.

Insider Buying and Selling

In other Altus Power news, CEO Gregg J. Felton purchased 12,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were acquired at an average price of $4.78 per share, for a total transaction of $59,750.00. Following the completion of the purchase, the chief executive officer now owns 11,894,603 shares in the company, valued at approximately $56,856,202.34. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Altus Power news, CEO Lars Norell sold 40,000 shares of the company’s stock in a transaction that occurred on 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 $120,834,381.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gregg J. Felton acquired 12,500 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were purchased at an average price of $4.78 per share, for a total transaction of $59,750.00. Following the purchase, the chief executive officer now directly owns 11,894,603 shares of the company’s stock, valued at $56,856,202.34. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 83,673 shares of company stock worth $530,948. 24.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Altus Power

Several institutional investors and hedge funds have recently bought and sold shares of AMPS. DekaBank Deutsche Girozentrale acquired a new stake in shares of Altus Power during the 4th quarter worth approximately $3,671,000. Vanguard Group Inc. raised its position in shares of Altus Power by 12.8% during the 3rd quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock worth $20,324,000 after purchasing an additional 438,845 shares during the period. abrdn plc raised its position in shares of Altus Power by 1,217.7% during the 3rd quarter. abrdn plc now owns 619,300 shares of the company’s stock worth $3,251,000 after purchasing an additional 572,300 shares during the period. ANTIPODES PARTNERS Ltd raised its position in shares of Altus Power by 292.1% during the 3rd quarter. ANTIPODES PARTNERS Ltd now owns 25,503 shares of the company’s stock worth $127,000 after purchasing an additional 18,999 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of Altus Power by 32.3% during the 4th quarter. SG Americas Securities LLC now owns 35,309 shares of the company’s stock worth $241,000 after purchasing an additional 8,617 shares during the period. Institutional investors and hedge funds own 46.55% of the company’s stock.

Altus Power Price Performance

The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 2.33. The business has a 50-day moving average price of $5.42 and a two-hundred day moving average price of $5.57. The firm has a market capitalization of $607.69 million, a price-to-earnings ratio of -54.56 and a beta of 0.88.

Altus Power (NYSE:AMPS) last issued its quarterly earnings data on Thursday, March 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Altus Power had a negative return on equity of 0.30% and a negative net margin of 6.03%. The business had revenue of $34.19 million during the quarter, compared to the consensus estimate of $42.85 million. As a group, research analysts forecast that Altus Power, Inc. will post -0.1 EPS for the current 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.