Altus Power (NYSE:AMPS) PT Lowered to $7.00

Altus Power (NYSE:AMPS) had its target price lowered by B. Riley from $10.00 to $7.00 in a report published on Monday, Benzinga reports. B. Riley currently has a buy rating on the stock. B. Riley also issued estimates for Altus Power’s Q1 2024 earnings at ($0.08) EPS, 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 brokerages also recently issued reports on AMPS. Maxim Group initiated 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 reduced 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. Finally, Morgan Stanley reaffirmed an overweight rating and set a $9.00 target price on shares of Altus Power in a research report on Thursday, April 11th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Altus Power has a consensus rating of Buy and a consensus price target of $8.25.

Altus Power Stock Down 2.2 %

Shares of NYSE:AMPS opened at $3.60 on Monday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 2.33. Altus Power has a 12 month low of $3.40 and a 12 month high of $7.28. The company has a 50-day moving average price of $5.28 and a 200 day moving average price of $5.54. The company has a market cap of $572.69 million, a price-to-earnings ratio of -51.42 and a beta of 0.88.

Altus Power (NYSE:AMPS) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The business had revenue of $34.19 million during the quarter, compared to the consensus estimate of $42.85 million. Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%. As a group, equities research analysts predict that Altus Power will post -0.11 earnings per share for the current year.

Insider Activity at Altus Power

In related news, CEO Lars Norell sold 40,000 shares of Altus Power stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $5.58, for a total transaction of $223,200.00. Following the transaction, the chief executive officer now directly owns 21,654,907 shares of the company’s stock, valued at $120,834,381.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Altus Power news, CEO Lars Norell sold 40,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 21,654,907 shares in the company, valued at $120,834,381.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Anthony Savino sold 34,725 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 3,907,536 shares in the company, valued at $27,430,902.72. The disclosure for this sale can be found here. Insiders have sold a total of 83,673 shares of company stock valued at $530,948 over the last ninety days. 24.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AMPS. SG Americas Securities LLC acquired a new position in shares of Altus Power in the third quarter worth about $140,000. DAVENPORT & Co LLC acquired a new position in shares of Altus Power in the third quarter worth about $580,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Altus Power by 73.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 146,443 shares of the company’s stock worth $769,000 after acquiring an additional 62,038 shares during the period. Bank of New York Mellon Corp raised its position in shares of Altus Power by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 202,360 shares of the company’s stock worth $1,062,000 after purchasing an additional 4,864 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Altus Power by 7.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,933 shares of the company’s stock worth $267,000 after purchasing an additional 3,571 shares during the last quarter. Institutional investors and hedge funds own 46.55% 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.