Altus Power, Inc. (NYSE:AMPS) Sees Significant Growth in Short Interest

Altus Power, Inc. (NYSE:AMPS) was the recipient of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 8,570,000 shares, an increase of 10.4% from the October 31st total of 7,760,000 shares. Based on an average daily trading volume, of 1,070,000 shares, the days-to-cover ratio is presently 8.0 days. Approximately 9.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Summit Securities Group LLC bought a new stake in shares of Altus Power during the second quarter valued at approximately $39,000. Iridian Asset Management LLC CT bought a new position in Altus Power in the 3rd quarter valued at $40,000. HighTower Advisors LLC bought a new stake in shares of Altus Power during the third quarter worth $41,000. Vaughan David Investments LLC IL acquired a new position in shares of Altus Power during the second quarter valued at $55,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Altus Power in the second quarter valued at about $68,000. 46.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AMPS shares. Morgan Stanley downgraded Altus Power from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $8.00 to $4.00 in a research note on Wednesday, August 21st. UBS Group cut their price target on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Roth Mkm reissued a “buy” rating and set a $4.50 target price on shares of Altus Power in a research report on Wednesday, October 16th. Maxim Group reduced their price target on Altus Power from $5.50 to $4.50 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Citigroup lowered their price objective on Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Altus Power has a consensus rating of “Buy” and an average target price of $5.21.

Altus Power Price Performance

Shares of Altus Power stock traded down $0.28 during midday trading on Monday, hitting $4.04. 862,039 shares of the company were exchanged, compared to its average volume of 1,074,157. The firm has a 50 day simple moving average of $3.52 and a 200-day simple moving average of $3.68. Altus Power has a 52 week low of $2.71 and a 52 week high of $7.28. The firm has a market cap of $649.62 million, a P/E ratio of 18.59 and a beta of 0.94. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.60 and a quick ratio of 0.60.

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.