Altus Power (NYSE:AMPS) Reaches New 12-Month Low at $3.26

Altus Power, Inc. (NYSE:AMPS) reached a new 52-week low during trading on Monday . The stock traded as low as $3.26 and last traded at $3.39, with a volume of 23470 shares trading hands. The stock had previously closed at $3.80.

Analysts Set New Price Targets

Several research firms recently issued reports on AMPS. Maxim Group began coverage on shares of Altus Power in a report on Wednesday, April 10th. They issued a “buy” rating and a $7.00 target price for the company. Roth Mkm lowered their target price on Altus Power from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, May 16th. Evercore ISI lowered their target price on Altus Power from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, May 15th. Morgan Stanley restated an “overweight” rating and set a $9.00 price target on shares of Altus Power in a report on Thursday, April 11th. Finally, JPMorgan Chase & Co. lowered Altus Power from an “overweight” rating to a “neutral” rating in a report on Wednesday, May 15th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Altus Power has an average rating of “Buy” and a consensus target price of $7.50.

Altus Power Stock Performance

The stock has a market cap of $576.01 million, a PE ratio of -71.70 and a beta of 1.00. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.47. The firm has a 50 day moving average price of $4.15 and a 200 day moving average price of $4.78.

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

Insider Activity at Altus Power

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

Institutional Investors Weigh In On Altus Power

Several institutional investors have recently added to or reduced their stakes in AMPS. Vanguard Group Inc. lifted its holdings in shares of Altus Power by 12.8% during the third quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock worth $20,324,000 after purchasing an additional 438,845 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Altus Power by 32.3% during the fourth quarter. SG Americas Securities LLC now owns 35,309 shares of the company’s stock worth $241,000 after purchasing an additional 8,617 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Altus Power during the fourth quarter worth about $3,671,000. Nisa Investment Advisors LLC lifted its holdings in shares of Altus Power by 41,406.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 26,564 shares of the company’s stock worth $181,000 after purchasing an additional 26,500 shares during the period. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Altus Power during the fourth quarter worth about $5,298,000. Institutional investors and hedge funds 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.