Spinnaker Trust Acquires New Stake in Altus Power, Inc. (NYSE:AMPS)

Spinnaker Trust bought a new position in shares of Altus Power, Inc. (NYSE:AMPS) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,134 shares of the company’s stock, valued at approximately $69,000.

Several other large investors have also recently added to or reduced their stakes in AMPS. SG Americas Securities LLC purchased a new position in Altus Power during the third quarter worth about $140,000. DAVENPORT & Co LLC purchased a new position in shares of Altus Power in the 3rd quarter worth about $580,000. Bank of New York Mellon Corp raised its holdings in shares of Altus Power by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 202,360 shares of the company’s stock worth $1,062,000 after purchasing an additional 4,864 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Altus Power by 7.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,933 shares of the company’s stock worth $267,000 after purchasing an additional 3,571 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Altus Power by 196.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 13,319 shares of the company’s stock worth $70,000 after purchasing an additional 8,826 shares during the period. 46.55% of the stock is currently owned by hedge funds and other institutional investors.

Altus Power Stock Up 0.6 %

Altus Power stock traded up $0.02 during mid-day trading on Friday, hitting $3.62. 868,966 shares of the company’s stock traded hands, compared to its average volume of 1,091,312. The firm has a 50 day moving average price of $5.21 and a 200 day moving average price of $5.53. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 2.33. Altus Power, Inc. has a one year low of $3.40 and a one year high of $7.28.

Altus Power (NYSE:AMPS) last announced its earnings results on Thursday, March 14th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $34.19 million for the quarter, compared to the consensus estimate of $42.85 million. Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%. Equities analysts predict that Altus Power, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AMPS shares. Maxim Group started coverage on Altus Power in a report on Wednesday, April 10th. They set a “buy” rating and a $7.00 target price on the stock. Roth Mkm dropped their target price on Altus Power from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, March 15th. B. Riley dropped their target price on Altus Power from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Morgan Stanley restated an “overweight” rating and set a $9.00 price objective on shares of Altus Power in a research note on Thursday, April 11th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $8.25.

Insider Transactions at Altus Power

In other news, CEO Lars Norell sold 40,000 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $5.58, for a total value of $223,200.00. Following the sale, the chief executive officer now owns 21,654,907 shares of the company’s stock, valued at approximately $120,834,381.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Gregg J. Felton bought 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were acquired at an average cost of $4.78 per share, for a total transaction of $59,750.00. Following the acquisition, 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 SEC, which is accessible through the SEC website. Also, CEO Lars Norell sold 40,000 shares of Altus Power stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $5.58, for a total value of $223,200.00. Following the completion of the transaction, the chief executive officer now owns 21,654,907 shares in the company, valued at $120,834,381.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,673 shares of company stock valued at $530,948. Corporate insiders own 24.30% of the company’s stock.

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.