Q1 2024 EPS Estimates for Altus Power, Inc. (NYSE:AMPS) Lowered by Analyst

Altus Power, Inc. (NYSE:AMPS) – Investment analysts at B. Riley reduced their Q1 2024 earnings estimates for shares of Altus Power in a note issued to investors on Monday, April 22nd. B. Riley analyst C. Souther now forecasts that the company will earn ($0.08) per share for the quarter, down from their prior forecast of ($0.06). B. Riley currently has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Altus Power’s current full-year earnings is ($0.10) per share. B. Riley also issued estimates for Altus Power’s Q2 2024 earnings at $0.02 EPS, Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at ($0.09) EPS and FY2025 earnings at ($0.08) EPS.

Several other equities research analysts have also commented on the stock. Maxim Group assumed coverage on shares of Altus Power in a research note on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price objective for the company. 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 note on Friday, March 15th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $9.00 price objective on shares of Altus Power in a research note on Thursday, April 11th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $8.25.

Altus Power Trading Up 5.5 %

NYSE:AMPS opened at $3.82 on Wednesday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market cap of $607.69 million, a price-to-earnings ratio of -54.56 and a beta of 0.88. Altus Power has a 52 week low of $3.57 and a 52 week high of $7.28. The firm has a 50-day moving average price of $5.42 and a two-hundred day moving average price of $5.57.

Altus Power (NYSE:AMPS) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $34.19 million during the quarter, compared to analysts’ expectations of $42.85 million. Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Harel Insurance Investments & Financial Services Ltd. bought a new position in Altus Power in the 3rd quarter worth approximately $41,000. Spinnaker Trust bought a new position in Altus Power in the 4th quarter valued at $69,000. Victory Capital Management Inc. bought a new position in Altus Power in the 4th quarter worth about $72,000. Tower Research Capital LLC TRC increased its stake in Altus Power by 805.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock worth $76,000 after acquiring an additional 9,957 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Altus Power by 196.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 13,319 shares of the company’s stock worth $70,000 after acquiring an additional 8,826 shares during the last quarter. 46.55% of the stock is owned by institutional investors.

Insider Transactions at Altus Power

In other news, insider Anthony Savino sold 34,725 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total transaction of $243,769.50. Following the completion of the sale, the insider now owns 3,907,536 shares in the company, valued at approximately $27,430,902.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Anthony Savino sold 34,725 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total value of $243,769.50. Following the completion of the transaction, the insider now directly owns 3,907,536 shares of the company’s stock, valued at approximately $27,430,902.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Dustin Weber sold 4,350 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $7.15, for a total transaction of $31,102.50. Following the completion of the transaction, the chief financial officer now directly owns 1,884,926 shares of the company’s stock, valued at $13,477,220.90. The disclosure for this sale can be found here. Insiders sold a total of 83,673 shares of company stock worth $530,948 in the last quarter. Insiders own 24.30% of the company’s stock.

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.