Altus Power (NYSE:AMPS) Shares Gap Up – Should You Buy?

Altus Power, Inc. (NYSE:AMPS)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $3.02, but opened at $3.54. Altus Power shares last traded at $3.45, with a volume of 784,786 shares changing hands.

Analyst Upgrades and Downgrades

AMPS has been the subject of several research analyst reports. UBS Group dropped their price objective on Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a report on Friday, August 9th. B. Riley upgraded shares of Altus Power to a “strong-buy” rating in a report on Tuesday, June 25th. Roth Mkm restated a “buy” rating and issued a $4.50 price objective on shares of Altus Power in a report on Wednesday. Morgan Stanley lowered shares of Altus Power from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $8.00 to $4.00 in a research note on Wednesday, August 21st. Finally, 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 research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $6.00.

Altus Power Stock Performance

The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.91 and a current ratio of 0.91. The business’s 50-day moving average is $3.15 and its 200-day moving average is $3.79. The company has a market capitalization of $578.42 million, a PE ratio of -72.00 and a beta of 0.96.

Altus Power (NYSE:AMPS) last released its earnings results on Thursday, August 8th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.13. The firm had revenue of $52.46 million during the quarter, compared to analyst estimates of $57.61 million. Altus Power had a net margin of 13.55% and a return on equity of 2.52%. On average, research analysts anticipate that Altus Power, Inc. will post 0.08 earnings per share for the current year.

Institutional Investors Weigh In On Altus Power

A number of institutional investors have recently modified their holdings of AMPS. Summit Securities Group LLC bought a new position in Altus Power in the 2nd quarter worth about $39,000. Vaughan David Investments LLC IL bought a new position in shares of Altus Power in the second quarter worth approximately $55,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Altus Power during the second quarter valued at approximately $68,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Altus Power during the first quarter valued at approximately $88,000. Finally, SG Americas Securities LLC raised its holdings in Altus Power by 135.9% in the 3rd quarter. SG Americas Securities LLC now owns 30,146 shares of the company’s stock worth $96,000 after acquiring an additional 17,368 shares during the last quarter. 46.55% of the stock is 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.