Altus Power (NYSE:AMPS) Sets New 52-Week Low Following Analyst Downgrade

Altus Power, Inc. (NYSE:AMPS)’s share price reached a new 52-week low during mid-day trading 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. The stock had previously closed at $3.78.

Several other research analysts have also issued reports on the stock. Maxim Group initiated coverage on shares of Altus Power in a research report on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price target on the stock. Morgan Stanley reiterated an “overweight” rating and set a $9.00 price objective on shares of Altus Power in a research report on Thursday, April 11th. Finally, Roth Mkm lowered their price objective 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. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Altus Power presently has an average rating of “Buy” and an average price target of $8.25.

Insider Buying and Selling at Altus Power

In related news, CEO Lars Norell sold 40,000 shares of Altus Power stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $5.58, for a total value of $223,200.00. Following the completion of the sale, the chief executive officer now owns 21,654,907 shares of the company’s stock, valued at approximately $120,834,381.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Lars Norell sold 40,000 shares of Altus Power stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $5.58, for a total value of $223,200.00. Following the completion of the sale, the chief executive officer now owns 21,654,907 shares of the company’s stock, valued at approximately $120,834,381.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gregg J. Felton bought 12,500 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were purchased at an average cost of $4.78 per share, with a total value of $59,750.00. Following the transaction, the chief executive officer now owns 11,894,603 shares in the company, valued at $56,856,202.34. The disclosure for this purchase can be found here. Insiders sold 83,673 shares of company stock valued at $530,948 in the last quarter. Company insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Altus Power during the 3rd quarter worth about $41,000. Spinnaker Trust acquired a new position in Altus Power in the fourth quarter worth about $69,000. Allspring Global Investments Holdings LLC raised its position in Altus Power by 196.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 13,319 shares of the company’s stock worth $70,000 after purchasing an additional 8,826 shares in the last quarter. Victory Capital Management Inc. acquired a new position in Altus Power in the fourth quarter worth about $72,000. Finally, Tower Research Capital LLC TRC raised its position in Altus Power by 805.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock worth $76,000 after purchasing an additional 9,957 shares in the last quarter. Institutional investors own 46.55% of the company’s stock.

Altus Power Price Performance

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 stock has a market cap of $607.69 million, a price-to-earnings ratio of -54.56 and a beta of 0.88. The company’s 50-day moving average is $5.42 and its 200-day moving average is $5.57.

Altus Power (NYSE:AMPS) last posted 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). The business had revenue of $34.19 million during the quarter, compared to analyst estimates of $42.85 million. Altus Power had a negative return on equity of 0.30% and a negative net margin of 6.03%. Equities research analysts expect that Altus Power, Inc. will post -0.1 earnings per share for the current fiscal year.

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.