Altus Power (NYSE:AMPS) Shares Down 4.4% on Analyst Downgrade

Altus Power, Inc. (NYSE:AMPS) shares fell 4.4% on Tuesday after Citigroup lowered their price target on the stock from $7.00 to $5.50. Citigroup currently has a buy rating on the stock. Altus Power traded as low as $3.45 and last traded at $3.45. 132,688 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,067,509 shares. The stock had previously closed at $3.61.

AMPS has been the subject of several other research reports. UBS Group decreased their target price on Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a research report on Friday, August 9th. B. Riley raised shares of Altus Power to a “strong-buy” rating in a report on Tuesday, June 25th. Morgan Stanley downgraded shares of Altus Power from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $8.00 to $4.00 in a research report on Wednesday, August 21st. Maxim Group cut their target price on shares of Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $4.50 target price on shares of Altus Power in a report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $5.94.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AMPS. Summit Securities Group LLC acquired a new position in Altus Power during the second quarter worth about $39,000. Vaughan David Investments LLC IL bought a new position in shares of Altus Power during the 2nd quarter valued at about $55,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Altus Power in the 2nd quarter worth approximately $68,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Altus Power in the 1st quarter worth approximately $88,000. Finally, Bailard Inc. acquired a new stake in Altus Power during the second quarter valued at approximately $114,000. 46.55% of the stock is owned by institutional investors and hedge funds.

Altus Power Stock Down 4.4 %

The company has a debt-to-equity ratio of 2.18, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $554.32 million, a P/E ratio of -69.80 and a beta of 0.96. The stock’s fifty day moving average is $3.17 and its two-hundred day moving average is $3.76.

Altus Power (NYSE:AMPS) last released its earnings results on Thursday, August 8th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The company had revenue of $52.46 million during the quarter, compared to the consensus estimate of $57.61 million. Altus Power had a net margin of 13.55% and a return on equity of 2.52%. As a group, research analysts predict that Altus Power, Inc. will post 0.08 earnings per share for the current fiscal 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.