Altus Power, Inc. (NYSE:AMPS) Short Interest Down 19.2% in October

Altus Power, Inc. (NYSE:AMPS) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 7,760,000 shares, a decline of 19.2% from the October 15th total of 9,600,000 shares. Approximately 8.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,070,000 shares, the days-to-cover ratio is presently 7.3 days.

Altus Power Stock Down 6.1 %

Shares of Altus Power stock traded down $0.25 on Friday, hitting $3.85. 1,033,961 shares of the company traded hands, compared to its average volume of 1,242,123. The company has a 50-day moving average price of $3.35 and a 200 day moving average price of $3.70. The company has a quick ratio of 0.91, a current ratio of 0.60 and a debt-to-equity ratio of 2.10. Altus Power has a 12-month low of $2.71 and a 12-month high of $7.28. The company has a market cap of $619.04 million, a PE ratio of 17.50 and a beta of 0.94.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on AMPS shares. UBS Group decreased their price target on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a research 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 on the stock in a research report on Monday, August 12th. Roth Mkm reiterated a “buy” rating and set a $4.50 price objective on shares of Altus Power in a research report on Wednesday, October 16th. Citigroup lowered their price objective on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Finally, Morgan Stanley cut shares of 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 report on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $5.81.

Hedge Funds Weigh In On Altus Power

Several institutional investors and hedge funds have recently modified their holdings of the stock. Encompass Capital Advisors LLC grew its holdings in shares of Altus Power by 1.2% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,628,613 shares of the company’s stock valued at $18,144,000 after acquiring an additional 53,031 shares in the last quarter. State Street Corp lifted its stake in shares of Altus Power by 0.6% in the 3rd quarter. State Street Corp now owns 3,682,864 shares of the company’s stock valued at $11,712,000 after purchasing an additional 21,312 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Altus Power by 37.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock valued at $11,662,000 after purchasing an additional 807,071 shares during the last quarter. Swedbank AB acquired a new stake in shares of Altus Power in the 1st quarter valued at $12,589,000. Finally, abrdn plc lifted its stake 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 purchasing an additional 115,300 shares during the last quarter. 46.55% of the stock is currently owned by hedge funds and other institutional investors.

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.