Altus Power (NYSE:AMPS) Trading Down 4.4% After Analyst Downgrade

Altus Power, Inc. (NYSE:AMPS)’s stock price was down 4.4% during mid-day trading 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. Approximately 132,688 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,067,509 shares. The stock had previously closed at $3.61.

Several other research analysts have also issued reports on AMPS. B. Riley upgraded Altus Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Morgan Stanley lowered Altus Power from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $8.00 to $4.00 in a research report on Wednesday, August 21st. Roth Mkm reaffirmed a “buy” rating and set a $4.50 price objective on shares of Altus Power in a research note on Wednesday, October 16th. Maxim Group dropped their price objective on Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, UBS Group dropped their price objective on Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two equities research 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. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $5.94.

Institutional Trading of Altus Power

Several hedge funds and other institutional investors have recently modified their holdings of the company. Encompass Capital Advisors LLC raised its stake in shares of Altus Power by 1.2% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,628,613 shares of the company’s stock valued at $18,144,000 after purchasing an additional 53,031 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Altus Power by 37.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock valued at $11,662,000 after acquiring an additional 807,071 shares during the last quarter. Swedbank AB acquired a new stake in shares of Altus Power in the first quarter valued at about $12,589,000. Skandinaviska Enskilda Banken AB publ increased its position in shares of Altus Power by 112.1% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,411,042 shares of the company’s stock valued at $5,531,000 after acquiring an additional 745,810 shares during the last quarter. Finally, Long Focus Capital Management LLC increased its position in shares of Altus Power by 427.6% in the second quarter. Long Focus Capital Management LLC now owns 549,081 shares of the company’s stock valued at $2,152,000 after acquiring an additional 445,000 shares during the last quarter. Institutional investors and hedge funds own 46.55% of the company’s stock.

Altus Power Trading Down 3.6 %

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 business has a 50-day moving average of $3.17 and a 200-day moving average of $3.76. The firm has a market cap of $559.14 million, a price-to-earnings ratio of -69.80 and a beta of 0.96.

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, beating analysts’ consensus estimates of $0.03 by $0.13. The business had revenue of $52.46 million for the quarter, compared to the consensus estimate of $57.61 million. Altus Power had a return on equity of 2.52% and a net margin of 13.55%. Research analysts anticipate that Altus Power, Inc. will post 0.08 EPS for the current year.

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.