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

Altus Power, Inc. (NYSE:AMPS) shares hit a new 52-week low during 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 trading hands. The stock had previously closed at $3.78.

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

Insider Activity

In other news, CEO Gregg J. Felton bought 12,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was bought at an average cost of $4.78 per share, for a total transaction of $59,750.00. Following the transaction, the chief executive officer now owns 11,894,603 shares of the company’s stock, valued at $56,856,202.34. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Gregg J. Felton acquired 12,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was acquired at an average cost of $4.78 per share, for a total transaction of $59,750.00. Following the transaction, the chief executive officer now directly owns 11,894,603 shares in the company, valued at $56,856,202.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lars Norell sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $5.58, for a total transaction of $223,200.00. Following the transaction, the chief executive officer now owns 21,654,907 shares of the company’s stock, valued at $120,834,381.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,673 shares of company stock worth $530,948. 24.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Altus Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMPS. SG Americas Securities LLC acquired a new position in Altus Power in the 3rd quarter valued at approximately $140,000. DAVENPORT & Co LLC bought a new stake in shares of Altus Power in the 3rd quarter valued at $580,000. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in shares of Altus Power by 73.5% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 146,443 shares of the company’s stock valued at $769,000 after purchasing an additional 62,038 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Altus Power by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 202,360 shares of the company’s stock valued at $1,062,000 after purchasing an additional 4,864 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Altus Power by 7.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,933 shares of the company’s stock valued at $267,000 after purchasing an additional 3,571 shares during the last quarter. 46.55% of the stock is currently owned by institutional investors and hedge funds.

Altus Power Stock Performance

The stock’s 50 day moving average price is $5.42 and its 200 day moving average price is $5.57. The company has a debt-to-equity ratio of 2.33, a quick ratio of 2.15 and a current ratio of 2.15. The company has a market capitalization of $607.69 million, a P/E ratio of -54.56 and a beta of 0.88.

Altus Power (NYSE:AMPS) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.04) 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 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 analysts expect that Altus Power, Inc. will post -0.1 EPS for the current year.

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.