Altus Power (NYSE:AMPS) Shares Gap Up – Time to Buy?

Shares of Altus Power, Inc. (NYSE:AMPS) gapped up before the market opened on Monday . The stock had previously closed at $4.00, but opened at $4.20. Altus Power shares last traded at $3.88, with a volume of 101,628 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AMPS. Roth Mkm restated a “buy” rating and issued a $4.50 price objective on shares of Altus Power in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered shares of Altus Power from a “neutral” rating to an “underweight” rating in a research report on Thursday, December 12th. Finally, Citigroup reduced their target price on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Altus Power currently has a consensus rating of “Moderate Buy” and an average target price of $5.21.

Altus Power Trading Down 2.8 %

The stock has a market cap of $625.50 million, a P/E ratio of 17.68 and a beta of 1.05. The business’s 50 day simple moving average is $3.94 and its 200 day simple moving average is $3.66. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.60 and a quick ratio of 0.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in AMPS. Bank of New York Mellon Corp lifted its holdings in Altus Power by 25.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 242,455 shares of the company’s stock valued at $950,000 after purchasing an additional 48,608 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Altus Power by 16.1% in the second quarter. Rhumbline Advisers now owns 145,233 shares of the company’s stock valued at $569,000 after acquiring an additional 20,175 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Altus Power by 14.3% in the 2nd quarter. American Century Companies Inc. now owns 72,322 shares of the company’s stock worth $284,000 after acquiring an additional 9,062 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Altus Power by 37.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock worth $11,662,000 after acquiring an additional 807,071 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in Altus Power by 112.1% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,411,042 shares of the company’s stock valued at $5,531,000 after purchasing an additional 745,810 shares in the last quarter. 46.55% of the stock is owned by institutional investors.

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.