Altus Power (NYSE:AMPS) Upgraded by B. Riley to Strong-Buy

B. Riley upgraded shares of Altus Power (NYSE:AMPS) to a strong-buy rating in a report issued on Tuesday morning, Zacks.com reports. B. Riley also issued estimates for Altus Power’s Q2 2024 earnings at $0.07 EPS, Q3 2024 earnings at $0.05 EPS, Q4 2024 earnings at ($0.05) EPS, FY2025 earnings at ($0.09) EPS and FY2026 earnings at ($0.09) EPS.

Other equities analysts also recently issued research reports about the company. Maxim Group began coverage on Altus Power in a research report on Wednesday, April 10th. They set a buy rating and a $7.00 price target for the company. Morgan Stanley reissued an overweight rating and issued a $9.00 target price on shares of Altus Power in a research note on Thursday, April 11th. Roth Mkm decreased their price target on shares of Altus Power from $7.00 to $5.00 and set a buy rating on the stock in a research note on Thursday, May 16th. Seaport Res Ptn upgraded shares of Altus Power to a strong-buy rating in a report on Monday, June 3rd. Finally, Evercore ISI reduced their price objective on shares of Altus Power from $9.00 to $7.00 and set an outperform rating on the stock in a research note on Wednesday, May 15th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Altus Power presently has a consensus rating of Buy and an average target price of $7.50.

Altus Power Stock Performance

NYSE:AMPS opened at $3.92 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.47. The company has a market capitalization of $629.03 million, a P/E ratio of -78.30 and a beta of 1.01. The firm has a 50-day moving average price of $4.10 and a two-hundred day moving average price of $5.20. Altus Power has a twelve month low of $3.40 and a twelve month high of $7.28.

Altus Power (NYSE:AMPS) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Altus Power had a negative net margin of 4.48% and a negative return on equity of 1.37%. The business had revenue of $40.66 million for the quarter, compared to analyst estimates of $39.13 million. During the same period in the prior year, the business earned ($0.05) earnings per share. As a group, research analysts expect that Altus Power will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Gregg J. Felton purchased 34,139 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $3.99 per share, with a total value of $136,214.61. Following the completion of the transaction, the chief executive officer now owns 12,044,603 shares of the company’s stock, valued at approximately $48,057,965.97. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Gregg J. Felton acquired 34,139 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $3.99 per share, for a total transaction of $136,214.61. Following the acquisition, the chief executive officer now directly owns 12,044,603 shares in the company, valued at approximately $48,057,965.97. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregg J. Felton acquired 82,576 shares of Altus Power stock in a transaction dated Friday, May 31st. The stock was purchased at an average cost of $3.90 per share, for a total transaction of $322,046.40. Following the completion of the purchase, the chief executive officer now directly owns 11,977,179 shares in the company, valued at $46,710,998.10. The disclosure for this purchase can be found here. Corporate insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Spinnaker Trust purchased a new position in Altus Power in the 4th quarter valued at about $69,000. Victory Capital Management Inc. acquired a new stake in Altus Power in the fourth quarter valued at $72,000. Tower Research Capital LLC TRC boosted its stake in Altus Power by 805.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock valued at $76,000 after acquiring an additional 9,957 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Altus Power during the 1st quarter worth $88,000. Finally, AXQ Capital LP raised its stake in shares of Altus Power by 25.5% in the 3rd quarter. AXQ Capital LP now owns 21,078 shares of the company’s stock valued at $111,000 after purchasing an additional 4,278 shares in the last quarter. Institutional investors and hedge funds 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.