Research Analysts Offer Predictions for Altus Power, Inc.’s Q2 2024 Earnings (NYSE:AMPS)

Altus Power, Inc. (NYSE:AMPS) – Analysts at B. Riley issued their Q2 2024 EPS estimates for Altus Power in a report released on Tuesday, June 25th. B. Riley analyst R. Pfingst forecasts that the company will post earnings of $0.07 per share for the quarter. B. Riley has a “Strong-Buy” rating on the stock. The consensus estimate for Altus Power’s current full-year earnings is ($0.07) per share. B. Riley also issued estimates for Altus Power’s Q3 2024 earnings at $0.05 EPS, Q4 2024 earnings at ($0.05) EPS, FY2025 earnings at ($0.09) EPS and FY2026 earnings at ($0.09) EPS.

Altus Power (NYSE:AMPS) last announced its earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $40.66 million during 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 last year, the firm posted ($0.05) EPS.

Several other brokerages have also weighed in on AMPS. Morgan Stanley reissued an “overweight” rating and set a $9.00 price objective on shares of Altus Power in a report on Thursday, April 11th. Roth Mkm dropped their price objective on shares of Altus Power from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, May 16th. Evercore ISI reduced their target price on shares of Altus Power from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. JPMorgan Chase & Co. lowered shares of Altus Power from an “overweight” rating to a “neutral” rating in a research report on Wednesday, May 15th. Finally, Maxim Group started coverage on shares of Altus Power in a report on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price objective for the company. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $7.50.

Altus Power Stock Up 5.2 %

Altus Power stock opened at $4.23 on Friday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.47. The company has a market capitalization of $679.63 million, a P/E ratio of -84.58 and a beta of 1.01. The firm has a 50 day moving average price of $4.09 and a 200-day moving average price of $5.21. Altus Power has a twelve month low of $3.40 and a twelve month high of $7.28.

Insiders Place Their Bets

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

Institutional Trading of Altus Power

A number of hedge funds have recently made changes to their positions in the stock. Spinnaker Trust purchased a new stake in Altus Power during the fourth quarter valued at about $69,000. Victory Capital Management Inc. purchased a new position in shares of Altus Power during the 4th quarter valued at about $72,000. Tower Research Capital LLC TRC lifted 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 worth $76,000 after buying an additional 9,957 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Altus Power in the 1st quarter worth approximately $88,000. Finally, AXQ Capital LP boosted its stake in Altus Power by 25.5% in the third quarter. AXQ Capital LP now owns 21,078 shares of the company’s stock worth $111,000 after buying an additional 4,278 shares in the last quarter. 46.55% of the stock is owned by institutional investors.

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.