Altus Power (NYSE:AMPS) Shares Gap Up – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.02, but opened at $3.54. Altus Power shares last traded at $3.45, with a volume of 784,786 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AMPS shares. B. Riley upgraded Altus Power to a “strong-buy” rating in a research report on Tuesday, June 25th. Roth Mkm lowered their price target on Altus Power from $5.00 to $4.50 and set a “buy” rating on the stock in a report on Friday, August 9th. Morgan Stanley lowered Altus Power from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $8.00 to $4.00 in a research note on Wednesday, August 21st. Maxim Group lowered their price objective on Altus Power from $5.50 to $4.50 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, UBS Group dropped their price target on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $6.00.

Altus Power Stock Performance

The firm has a market capitalization of $578.42 million, a price-to-earnings ratio of -68.60 and a beta of 0.96. 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 firm’s fifty day moving average is $3.14 and its 200 day moving average is $3.80.

Altus Power (NYSE:AMPS) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. Altus Power had a return on equity of 2.52% and a net margin of 13.55%. The company had revenue of $52.46 million for the quarter, compared to the consensus estimate of $57.61 million. On average, analysts predict that Altus Power, Inc. will post 0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AMPS. Summit Securities Group LLC acquired a new stake in shares of Altus Power during the 2nd quarter worth approximately $39,000. Vaughan David Investments LLC IL bought a new position in Altus Power in the second quarter valued at $55,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Altus Power in the 2nd quarter valued at about $68,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Altus Power during the 1st quarter worth approximately $88,000. Finally, SG Americas Securities LLC raised its position in Altus Power by 135.9% during the third quarter. SG Americas Securities LLC now owns 30,146 shares of the company’s stock worth $96,000 after acquiring an additional 17,368 shares in the last quarter. 46.55% of the stock is currently owned by institutional investors and hedge funds.

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.