B. Riley Weighs in on Altus Power, Inc.’s Q2 2024 Earnings (NYSE:AMPS)

Altus Power, Inc. (NYSE:AMPSFree Report) – Equities researchers at B. Riley increased their Q2 2024 earnings per share (EPS) estimates for shares of Altus Power in a note issued to investors on Wednesday, May 15th. B. Riley analyst C. Souther now forecasts that the company will post earnings of $0.07 per share for the quarter, up from their previous estimate of $0.02. B. Riley currently has a “Buy” rating and a $6.00 price target on the stock. The consensus estimate for Altus Power’s current full-year earnings is $0.13 per share. B. Riley also issued estimates for Altus Power’s Q4 2024 earnings at ($0.05) EPS, FY2025 earnings at ($0.09) EPS and FY2026 earnings at ($0.09) EPS.

Altus Power (NYSE:AMPSGet Free Report) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $40.66 million during the quarter, compared to analyst estimates of $39.13 million. Altus Power had a negative net margin of 4.48% and a negative return on equity of 1.37%. During the same quarter last year, the firm posted ($0.05) earnings per share.

A number of other research analysts have also issued reports on AMPS. JPMorgan Chase & Co. cut Altus Power from an “overweight” rating to a “neutral” rating in a research note on Wednesday, May 15th. Maxim Group started coverage on Altus Power in a research report on Wednesday, April 10th. They set a “buy” rating and a $7.00 price objective for the company. Morgan Stanley reiterated an “overweight” rating and issued a $9.00 price target on shares of Altus Power in a research note 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 research report on Thursday. Finally, Evercore ISI decreased their price objective on shares of Altus Power from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, May 15th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.50.

View Our Latest Report on Altus Power

Altus Power Stock Performance

NYSE:AMPS opened at $3.86 on Monday. Altus Power has a 52 week low of $3.40 and a 52 week high of $7.28. The company has a fifty day simple moving average of $4.45 and a two-hundred day simple moving average of $5.43. 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 cap of $614.05 million, a price-to-earnings ratio of -77.18 and a beta of 0.98.

Institutional Trading of Altus Power

Large investors have recently bought and sold shares of the business. Spinnaker Trust acquired a new stake in shares of Altus Power during the fourth quarter worth about $69,000. Victory Capital Management Inc. acquired a new stake in Altus Power during the 4th quarter worth approximately $72,000. Tower Research Capital LLC TRC increased its holdings in shares of Altus Power by 805.6% in the fourth 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 period. Allspring Global Investments Holdings LLC increased its holdings in shares of Altus Power by 196.4% in the third 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 period. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Altus Power during the first quarter worth approximately $88,000. Institutional investors and hedge funds own 46.55% of the company’s stock.

Insider Activity at Altus Power

In other news, CEO Gregg J. Felton purchased 12,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were purchased at an average price of $4.78 per share, for a total transaction of $59,750.00. Following the purchase, the chief executive officer now directly owns 11,894,603 shares of the company’s stock, valued at approximately $56,856,202.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 24.30% of the stock is owned by corporate insiders.

About Altus Power

(Get Free Report)

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.

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Earnings History and Estimates for Altus Power (NYSE:AMPS)

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