Altus Power (NYSE:AMPS) Trading Up 8.1% – Time to Buy?

Altus Power, Inc. (NYSE:AMPS)’s stock price shot up 8.1% during mid-day trading on Monday . The company traded as high as $3.61 and last traded at $3.61. 353,337 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,058,375 shares. The stock had previously closed at $3.34.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMPS. Citigroup lowered their price target on Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Maxim Group lowered their price target 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. Morgan Stanley lowered Altus Power from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $8.00 to $4.00 in a research note on Wednesday, August 21st. UBS Group lowered their price objective on Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Roth Mkm reissued a “buy” rating and set a $4.50 price objective on shares of Altus Power in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $5.94.

Altus Power Trading Up 8.1 %

The company has a 50 day moving average price of $3.26 and a 200 day moving average price of $3.71. The firm has a market cap of $580.45 million, a price-to-earnings ratio of 25.79 and a beta of 0.94. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.91 and a current ratio of 0.91.

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 business had revenue of $52.46 million for the quarter, compared to analyst estimates of $57.61 million. On average, research analysts expect that Altus Power, Inc. will post 0.08 earnings per share for the current year.

Institutional Investors Weigh In On Altus Power

Several institutional investors and hedge funds have recently modified their holdings of the company. HTG Investment Advisors Inc. raised its holdings in shares of Altus Power by 8.6% in the 3rd quarter. HTG Investment Advisors Inc. now owns 65,148 shares of the company’s stock valued at $207,000 after buying an additional 5,148 shares during the period. Iridian Asset Management LLC CT purchased a new stake in shares of Altus Power in the 3rd quarter valued at $40,000. abrdn plc raised its holdings in shares of Altus Power by 8.7% in the 3rd quarter. abrdn plc now owns 1,444,400 shares of the company’s stock valued at $4,593,000 after buying an additional 115,300 shares during the period. SG Americas Securities LLC increased its holdings in Altus Power by 135.9% during the 3rd quarter. SG Americas Securities LLC now owns 30,146 shares of the company’s stock worth $96,000 after purchasing an additional 17,368 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Altus Power by 14.8% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 297,713 shares of the company’s stock worth $1,167,000 after purchasing an additional 38,272 shares during the period. Hedge funds and other institutional investors own 46.55% 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.