Altus Power (NYSE:AMPS) Trading Down 8.5% – Here’s Why

Altus Power, Inc. (NYSE:AMPS)’s share price was down 8.5% during trading on Tuesday . The stock traded as low as $3.12 and last traded at $3.13. Approximately 570,528 shares changed hands during trading, a decline of 47% from the average daily volume of 1,070,085 shares. The stock had previously closed at $3.42.

Analyst Ratings Changes

Several equities analysts have commented on AMPS shares. Citigroup lowered their target price on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. UBS Group decreased their target price on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a report on Friday, August 9th. Maxim Group decreased their price target on shares of Altus Power from $5.50 to $4.50 and set a “buy” rating for the company in a report on Monday, August 12th. Morgan Stanley lowered shares of Altus Power from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $8.00 to $4.00 in a research report on Wednesday, August 21st. Finally, Roth Mkm reiterated a “buy” rating and set a $4.50 price target on shares of Altus Power in a research note on Wednesday, October 16th. Two equities research 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 company’s stock. According to data from MarketBeat, Altus Power presently has a consensus rating of “Buy” and a consensus price target of $5.94.

Altus Power Stock Down 9.1 %

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 stock has a 50-day moving average price of $3.30 and a 200-day moving average price of $3.70. The company has a market capitalization of $500.06 million, a P/E ratio of 22.36 and a beta of 0.94.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AMPS. Price T Rowe Associates Inc. MD lifted its holdings in Altus Power by 7.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 44,257 shares of the company’s stock worth $212,000 after purchasing an additional 3,116 shares in the last quarter. HTG Investment Advisors Inc. raised its holdings in shares of Altus Power by 8.6% during 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 in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Altus Power by 24.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,771 shares of the company’s stock valued at $125,000 after buying an additional 6,209 shares in the last quarter. American Century Companies Inc. grew its position in Altus Power by 14.3% during the 2nd quarter. American Century Companies Inc. now owns 72,322 shares of the company’s stock worth $284,000 after acquiring an additional 9,062 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in Altus Power during the 2nd quarter worth approximately $39,000. Institutional investors own 46.55% of the company’s stock.

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.