Altus Power, Inc. (NYSE:AMPS) Sees Large Increase in Short Interest

Altus Power, Inc. (NYSE:AMPS) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 9,600,000 shares, an increase of 7.9% from the September 30th total of 8,900,000 shares. Approximately 10.5% of the company’s shares are sold short. Based on an average daily trading volume, of 1,010,000 shares, the days-to-cover ratio is currently 9.5 days.

Altus Power Stock Down 4.0 %

AMPS stock opened at $3.45 on Friday. 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 simple moving average is $3.25 and its 200-day simple moving average is $3.72. Altus Power has a 12 month low of $2.71 and a 12 month high of $7.28. The company has a market capitalization of $553.91 million, a P/E ratio of 24.61 and a beta of 0.96.

Altus Power (NYSE:AMPS) last announced 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 analysts’ expectations of $57.61 million. Altus Power had a return on equity of 2.52% and a net margin of 13.55%. As a group, equities research analysts forecast that Altus Power will post 0.08 earnings per share for the current year.

Institutional Investors Weigh In On Altus Power

A number of institutional investors have recently modified their holdings of AMPS. Swedbank AB acquired a new position in Altus Power in the 1st quarter worth about $12,589,000. Dimensional Fund Advisors LP increased its position in shares of Altus Power by 37.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock valued at $11,662,000 after buying an additional 807,071 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in Altus Power by 112.1% in 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 period. Long Focus Capital Management LLC grew its stake in Altus Power by 427.6% in the 2nd quarter. Long Focus Capital Management LLC now owns 549,081 shares of the company’s stock valued at $2,152,000 after acquiring an additional 445,000 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new position in Altus Power during the second quarter worth $1,085,000. 46.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on AMPS shares. Maxim Group reduced their price target on shares of Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Morgan Stanley cut Altus Power from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $8.00 to $4.00 in a research note on Wednesday, August 21st. Citigroup decreased their target price on Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. UBS Group dropped their price target on Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Roth Mkm restated a “buy” rating and issued a $4.50 price objective on shares of Altus Power in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $5.94.

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.