Altus Power (NYSE:AMPS) Trading Down 3.5% – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS)’s stock price dropped 3.5% during trading on Friday . The stock traded as low as $4.10 and last traded at $4.12. Approximately 48,519 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 1,106,812 shares. The stock had previously closed at $4.27.

Analyst Ratings Changes

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

Altus Power Stock Down 0.9 %

The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 2.10. The business has a 50-day simple moving average of $3.80 and a 200-day simple moving average of $3.67. The company has a market cap of $680.17 million, a PE ratio of 19.23 and a beta of 1.04.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. increased its stake in shares of Altus Power by 47.2% during the third quarter. Franklin Resources Inc. now owns 51,035 shares of the company’s stock worth $161,000 after purchasing an additional 16,370 shares in the last quarter. Barclays PLC boosted its holdings in Altus Power by 312.8% in the 3rd quarter. Barclays PLC now owns 115,987 shares of the company’s stock worth $369,000 after buying an additional 87,886 shares during the last quarter. XTX Topco Ltd purchased a new stake in Altus Power during the 3rd quarter worth approximately $425,000. State Street Corp raised its holdings in shares of Altus Power by 0.6% during the third quarter. State Street Corp now owns 3,682,864 shares of the company’s stock valued at $11,712,000 after acquiring an additional 21,312 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Altus Power by 9.0% in the third quarter. Janus Henderson Group PLC now owns 44,792 shares of the company’s stock valued at $142,000 after acquiring an additional 3,709 shares in the last quarter. Hedge funds and other institutional investors own 46.55% of the company’s stock.

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.