Handelsbanken Fonder AB Makes New Investment in Altus Power, Inc. (NYSE:AMPS)

Handelsbanken Fonder AB bought a new position in shares of Altus Power, Inc. (NYSE:AMPS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 775,763 shares of the company’s stock, valued at approximately $5,298,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMPS. abrdn plc grew its position in Altus Power by 1,217.7% during the third quarter. abrdn plc now owns 619,300 shares of the company’s stock worth $3,251,000 after buying 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. grew its position 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 last quarter. DAVENPORT & Co LLC acquired a new stake in shares of Altus Power in the third quarter valued at approximately $580,000. Finally, Ardsley Advisory Partners LP grew its position in shares of Altus Power by 9.4% in the third quarter. Ardsley Advisory Partners LP now owns 1,125,000 shares of the company’s stock valued at $5,906,000 after purchasing an additional 96,687 shares during the last quarter. 46.55% of the stock is currently owned by institutional investors and hedge funds.

Altus Power Price Performance

Shares of AMPS stock opened at $3.60 on Friday. The firm has a market cap of $572.69 million, a P/E ratio of -51.42 and a beta of 0.88. The company has a debt-to-equity ratio of 2.33, a current ratio of 2.15 and a quick ratio of 2.15. Altus Power, Inc. has a 1-year low of $3.40 and a 1-year high of $7.28. The firm has a fifty day moving average of $5.28 and a two-hundred day moving average of $5.54.

Altus Power (NYSE:AMPS) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.04) 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 business had revenue of $34.19 million during the quarter, compared to analyst estimates of $42.85 million. As a group, research analysts anticipate that Altus Power, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Altus Power

In related news, CFO Dustin Weber sold 4,350 shares of Altus Power stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $7.15, for a total value of $31,102.50. Following the sale, the chief financial officer now directly owns 1,884,926 shares in the company, valued at approximately $13,477,220.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Lars Norell sold 40,000 shares of Altus Power stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $5.58, for a total value of $223,200.00. Following the sale, the chief executive officer now directly owns 21,654,907 shares in the company, valued at approximately $120,834,381.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Dustin Weber sold 4,350 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $7.15, for a total transaction of $31,102.50. Following the sale, the chief financial officer now owns 1,884,926 shares in the company, valued at $13,477,220.90. The disclosure for this sale can be found here. Insiders have sold a total of 83,673 shares of company stock worth $530,948 in the last ninety days. 24.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AMPS has been the topic of several research reports. Morgan Stanley restated an “overweight” rating and set a $9.00 target price on shares of Altus Power in a research report on Thursday, April 11th. Roth Mkm decreased their target price on shares of Altus Power from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Maxim Group started coverage on shares of Altus Power in a research report on Wednesday, April 10th. They set a “buy” rating and a $7.00 target price on the stock. Finally, B. Riley decreased their target price on shares of Altus Power from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Altus Power has an average rating of “Buy” and a consensus target price of $8.25.

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.