Altus Power (NYSE:AMPS) Price Target Cut to $7.00

Altus Power (NYSE:AMPS) had its price objective cut by equities researchers at B. Riley from $10.00 to $7.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 83.25% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Maxim Group initiated coverage on Altus Power in a research report on Wednesday, April 10th. They set a “buy” rating and a $7.00 price objective on the stock. Roth Mkm decreased their price target on Altus Power from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Altus Power in a research note on Thursday, April 11th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $8.25.

Altus Power Stock Performance

Shares of NYSE:AMPS opened at $3.82 on Monday. The company has a debt-to-equity ratio of 2.33, a current ratio of 2.15 and a quick ratio of 2.15. The business’s 50 day moving average price is $5.42 and its 200-day moving average price is $5.57. The firm has a market capitalization of $607.69 million, a PE ratio of -54.56 and a beta of 0.88. Altus Power has a 1 year low of $3.57 and a 1 year high of $7.28.

Altus Power (NYSE:AMPS) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The firm 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%. As a group, equities research analysts expect that Altus Power will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Altus Power

In other news, insider Anthony Savino sold 34,725 shares of the stock in a transaction dated 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 owns 3,907,536 shares of the company’s stock, valued at $27,430,902.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 sale, the insider now owns 3,907,536 shares of the company’s stock, valued at $27,430,902.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 sale, the chief financial officer now directly owns 1,884,926 shares in the company, valued at approximately $13,477,220.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,673 shares of company stock valued at $530,948. 24.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Altus Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMPS. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Altus Power during the third quarter worth approximately $41,000. Spinnaker Trust purchased a new position in shares of Altus Power during the fourth quarter worth approximately $69,000. Allspring Global Investments Holdings LLC grew its position 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 valued at $70,000 after buying an additional 8,826 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Altus Power in the 4th quarter valued at $72,000. Finally, Tower Research Capital LLC TRC grew its position 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 valued at $76,000 after buying an additional 9,957 shares during the last quarter. Institutional investors and hedge funds own 46.55% of the company’s stock.

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.