Altus Power (NYSE:AMPS) Shares Gap Up – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $3.83, but opened at $4.92. Altus Power shares last traded at $4.91, with a volume of 17,085,024 shares trading hands.

Analyst Ratings Changes

AMPS has been the topic of several analyst reports. Citigroup cut their price target on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 price objective on shares of Altus Power in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. lowered shares of Altus Power from a “neutral” rating to an “underweight” rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.21.

Altus Power Stock Performance

The firm has a market capitalization of $787.12 million, a price-to-earnings ratio of 22.25 and a beta of 1.05. The firm’s 50 day simple moving average is $3.96 and its 200 day simple moving average is $3.62. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.60 and a current ratio of 0.60.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its stake 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 worth $125,000 after buying an additional 6,209 shares during the period. SG Americas Securities LLC lifted its position in Altus Power by 135.9% during the third quarter. SG Americas Securities LLC now owns 30,146 shares of the company’s stock worth $96,000 after buying an additional 17,368 shares in the last quarter. abrdn plc boosted its stake in Altus Power by 8.7% during the third quarter. abrdn plc now owns 1,444,400 shares of the company’s stock worth $4,593,000 after buying an additional 115,300 shares during the last quarter. Iridian Asset Management LLC CT purchased a new stake in Altus Power in the 3rd quarter valued at $40,000. Finally, HTG Investment Advisors Inc. increased its stake in shares of Altus Power by 8.6% in the 3rd quarter. HTG Investment Advisors Inc. now owns 65,148 shares of the company’s stock worth $207,000 after acquiring an additional 5,148 shares during the last quarter. 46.55% of the stock is owned by institutional investors and hedge funds.

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.