Altus Power (NYSE:AMPS) Shares Gap Up After Insider Buying Activity

Altus Power, Inc. (NYSE:AMPS – Get Rating) shares gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $4.71, but opened at $4.87. Altus Power shares last traded at $4.94, with a volume of 183,827 shares traded.

Specifically, CEO Gregg J. Felton purchased 25,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were acquired at an average cost of $4.41 per share, with a total value of $110,250.00. Following the transaction, the chief executive officer now owns 11,859,603 shares in the company, valued at approximately $52,300,849.23. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Gregg J. Felton acquired 50,000 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was purchased at an average cost of $4.43 per share, for a total transaction of $221,500.00. Following the purchase, the chief executive officer now directly owns 11,834,603 shares in the company, valued at $52,427,291.29. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregg J. Felton acquired 25,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were bought at an average price of $4.41 per share, with a total value of $110,250.00. Following the completion of the purchase, the chief executive officer now owns 11,859,603 shares in the company, valued at $52,300,849.23. The disclosure for this purchase can be found here. Corporate insiders own 31.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Citigroup lowered their price objective on Altus Power from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, April 4th. Morgan Stanley lowered their price objective on Altus Power from $12.00 to $9.00 and set an “overweight” rating for the company in a research note on Monday, April 3rd. Evercore ISI lowered their price objective on Altus Power from $12.00 to $10.00 in a research note on Tuesday, May 16th. Finally, B. Riley reissued a “buy” rating and issued a $14.00 price target on shares of Altus Power in a research note on Friday, March 31st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Altus Power currently has a consensus rating of “Buy” and a consensus price target of $10.67.

Altus Power Stock Performance

The firm has a 50 day moving average of $4.94 and a 200-day moving average of $6.40. The stock has a market capitalization of $780.80 million, a PE ratio of -243.88 and a beta of 0.58. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.97 and a current ratio of 0.97.

Altus Power (NYSE:AMPS – Get Rating) last announced its quarterly earnings data on Thursday, March 30th. The company reported ($0.03) earnings per share (EPS) for the quarter. The business had revenue of $26.76 million during the quarter, compared to analysts’ expectations of $28.03 million. Altus Power had a negative return on equity of 0.86% and a net margin of 0.57%. Research analysts forecast that Altus Power, Inc. will post 0.03 earnings per share for the current year.

Institutional Investors Weigh In On Altus Power

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Altus Power by 88.2% in the 1st quarter. BlackRock Inc. now owns 5,447,065 shares of the company’s stock worth $29,850,000 after acquiring an additional 2,553,284 shares in the last quarter. State Street Corp increased its position in Altus Power by 26.8% in the 1st quarter. State Street Corp now owns 3,698,735 shares of the company’s stock worth $20,269,000 after purchasing an additional 780,823 shares during the last quarter. Hood River Capital Management LLC increased its position in Altus Power by 2.5% in the 1st quarter. Hood River Capital Management LLC now owns 3,216,748 shares of the company’s stock worth $17,628,000 after purchasing an additional 79,001 shares during the last quarter. Encompass Capital Advisors LLC increased its position in Altus Power by 42.2% in the 3rd quarter. Encompass Capital Advisors LLC now owns 2,216,144 shares of the company’s stock worth $24,400,000 after purchasing an additional 657,665 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Altus Power by 21.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,139,548 shares of the company’s stock worth $23,556,000 after purchasing an additional 382,668 shares during the last quarter. 43.73% of the stock is owned by hedge funds and other institutional investors.

Altus Power Company Profile

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Altus Power, Inc, a clean electrification company, originates, develops, owns, and operates roof, ground, and carport-based photovoltaic solar energy generation and storage systems. The company serves commercial, industrial, public sector, and community solar customers. Altus Power, Inc was founded in 2013 and is based in Stamford, Connecticut.