Maxim Group Cuts Altus Power (NYSE:AMPS) Price Target to $4.50

Altus Power (NYSE:AMPS) had its price objective cut by analysts at Maxim Group from $5.50 to $4.50 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Maxim Group’s price objective points to a potential upside of 50.00% from the stock’s previous close.

A number of other equities analysts also recently issued reports on AMPS. Evercore ISI cut their price objective on shares of Altus Power from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, May 15th. Seaport Res Ptn raised Altus Power to a “strong-buy” rating in a report on Monday, June 3rd. B. Riley upgraded Altus Power to a “strong-buy” rating in a report on Tuesday, June 25th. UBS Group cut their price objective on Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Roth Mkm decreased their target price on Altus Power from $5.00 to $4.50 and set a “buy” rating for the company in a research report on Friday. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Altus Power presently has a consensus rating of “Buy” and a consensus target price of $6.63.

Altus Power Stock Down 5.1 %

Shares of Altus Power stock traded down $0.16 during trading on Monday, reaching $3.00. 376,075 shares of the company traded hands, compared to its average volume of 1,070,449. Altus Power has a 1-year low of $2.91 and a 1-year high of $7.28. The company has a debt-to-equity ratio of 2.47, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market capitalization of $482.02 million, a PE ratio of -60.00 and a beta of 1.00. The company has a 50 day moving average price of $4.11 and a 200-day moving average price of $4.73.

Altus Power (NYSE:AMPS) last issued its earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $40.66 million for the quarter, compared to analyst estimates of $39.13 million. Altus Power had a negative return on equity of 1.37% and a negative net margin of 4.48%. During the same period in the prior year, the firm earned ($0.05) earnings per share. As a group, equities research analysts expect that Altus Power will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Gregg J. Felton bought 34,139 shares of the company’s stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $3.99 per share, for a total transaction of $136,214.61. Following the completion of the transaction, the chief executive officer now directly owns 12,044,603 shares in the company, valued at approximately $48,057,965.97. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Gregg J. Felton purchased 82,576 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average price of $3.90 per share, with a total value of $322,046.40. Following the completion of the acquisition, the chief executive officer now owns 11,977,179 shares in the company, valued at approximately $46,710,998.10. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gregg J. Felton acquired 34,139 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average cost of $3.99 per share, with a total value of $136,214.61. Following the purchase, the chief executive officer now directly owns 12,044,603 shares of the company’s stock, valued at approximately $48,057,965.97. The disclosure for this purchase can be found here. Insiders own 24.30% of the company’s stock.

Institutional Trading of Altus Power

Large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Altus Power by 12.8% during the 3rd quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock worth $20,324,000 after acquiring an additional 438,845 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Altus Power by 41,406.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 26,564 shares of the company’s stock worth $181,000 after purchasing an additional 26,500 shares in the last quarter. Handelsbanken Fonder AB bought a new position in shares of Altus Power during the 4th quarter valued at about $5,298,000. Spinnaker Trust bought a new position in shares of Altus Power during the 4th quarter valued at about $69,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Altus Power during the 4th quarter valued at about $72,000. Institutional investors 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.