Altus Power (NYSE:AMPS) Trading Up 5.6% – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS)’s stock price rose 5.6% during mid-day trading on Friday . The company traded as high as $3.59 and last traded at $3.59. Approximately 170,938 shares traded hands during trading, a decline of 84% from the average daily volume of 1,062,441 shares. The stock had previously closed at $3.40.

Analysts Set New Price Targets

AMPS has been the topic of a number of recent research reports. Maxim Group lowered their price objective on Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Citigroup reduced their target price on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a report on Tuesday. Roth Mkm reaffirmed a “buy” rating and set a $4.50 price target on shares of Altus Power in a research note on Wednesday, October 16th. Morgan Stanley cut shares of Altus Power from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $8.00 to $4.00 in a research note on Wednesday, August 21st. Finally, UBS Group cut their target price on Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $5.94.

Altus Power Price Performance

The company has a market capitalization of $555.93 million, a P/E ratio of -71.80 and a beta of 0.96. The business’s 50-day moving average is $3.20 and its two-hundred day moving average is $3.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.18.

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

Hedge Funds Weigh In On Altus Power

Several institutional investors and hedge funds have recently bought and sold shares of AMPS. Swedbank AB purchased a new position in shares of Altus Power during the 1st quarter valued at $12,589,000. Long Focus Capital Management LLC grew its position in Altus Power by 427.6% during the second quarter. Long Focus Capital Management LLC now owns 549,081 shares of the company’s stock worth $2,152,000 after buying an additional 445,000 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Altus Power by 37.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock worth $11,662,000 after acquiring an additional 807,071 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Altus Power by 78.8% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 437,286 shares of the company’s stock valued at $1,714,000 after acquiring an additional 192,687 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in shares of Altus Power by 112.1% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,411,042 shares of the company’s stock valued at $5,531,000 after acquiring an additional 745,810 shares during the last quarter. 46.55% of the stock is owned by institutional investors.

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.