Altus Power (NYSE:AMPS) Reaches New 12-Month Low on Analyst Downgrade

Altus Power, Inc. (NYSE:AMPS)’s stock price reached a new 52-week low during trading on Monday after B. Riley lowered their price target on the stock from $10.00 to $7.00. B. Riley currently has a buy rating on the stock. Altus Power traded as low as $3.62 and last traded at $3.63, with a volume of 294362 shares trading hands. The stock had previously closed at $3.78.

A number of other research analysts have also weighed in on the stock. Maxim Group initiated coverage on shares of Altus Power in a research note on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price target on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Altus Power in a research note on Thursday, April 11th. Finally, Roth Mkm decreased their target price on shares of Altus Power from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.25.

Insiders Place Their Bets

In other news, CFO Dustin Weber sold 4,350 shares of Altus Power stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $7.15, for a total transaction of $31,102.50. Following the sale, the chief financial officer now owns 1,884,926 shares of the company’s stock, valued at approximately $13,477,220.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Dustin Weber sold 4,350 shares of Altus Power stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $7.15, for a total transaction of $31,102.50. Following the sale, the chief financial officer now owns 1,884,926 shares of the company’s stock, valued at approximately $13,477,220.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anthony Savino sold 34,725 shares of Altus Power stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total transaction of $243,769.50. Following the sale, the insider now directly owns 3,907,536 shares in the company, valued at approximately $27,430,902.72. The disclosure for this sale can be found here. Insiders have sold 83,673 shares of company stock valued at $530,948 in the last ninety days. 24.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Altus Power

Several institutional investors have recently added to or reduced their stakes in AMPS. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Altus Power in the 3rd quarter valued at approximately $41,000. Spinnaker Trust acquired a new stake in Altus Power in the 4th quarter valued at approximately $69,000. Allspring Global Investments Holdings LLC increased its holdings in Altus Power by 196.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 13,319 shares of the company’s stock valued at $70,000 after purchasing an additional 8,826 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in Altus Power in the 4th quarter valued at approximately $72,000. Finally, Tower Research Capital LLC TRC increased its holdings 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 valued at $76,000 after purchasing an additional 9,957 shares during the last quarter. Institutional investors and hedge funds own 46.55% of the company’s stock.

Altus Power Price Performance

The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 2.33. The company’s fifty day moving average is $5.42 and its two-hundred day moving average is $5.57. The stock has a market cap of $607.69 million, a price-to-earnings ratio of -54.56 and a beta of 0.88.

Altus Power (NYSE:AMPS) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $34.19 million during the quarter, compared to analyst estimates of $42.85 million. Altus Power had a negative return on equity of 0.30% and a negative net margin of 6.03%. As a group, research analysts predict that Altus Power, Inc. will post -0.1 earnings per share for the current year.

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.