Altus Power (NYSE:AMPS) Hits New 52-Week Low at $4.08

Altus Power, Inc. (NYSE:AMPS) reached a new 52-week low on Monday . The company traded as low as $4.08 and last traded at $4.08, with a volume of 71212 shares. The stock had previously closed at $4.21.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. B. Riley boosted their price objective on shares of Altus Power from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, February 5th. Maxim Group assumed coverage on shares of Altus Power in a research note on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price objective on the stock. Morgan Stanley reissued an “overweight” rating and issued a $9.00 price objective on shares of Altus Power in a research note on Thursday. Finally, Roth Mkm dropped their target price on shares of Altus Power from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $8.63.

Altus Power Stock Performance

The company has a debt-to-equity ratio of 2.33, a quick ratio of 2.15 and a current ratio of 2.15. The stock’s 50 day moving average is $5.75 and its 200 day moving average is $5.61.

Altus Power (NYSE:AMPS) last posted its earnings results on Thursday, March 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Altus Power had a negative return on equity of 0.30% and a negative net margin of 6.03%. The firm had revenue of $34.19 million during the quarter, compared to analysts’ expectations of $42.85 million. As a group, research analysts forecast that Altus Power, Inc. will post -0.1 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Gregg J. Felton acquired 12,500 shares of the stock in a transaction dated Thursday, March 28th. The shares were purchased at an average price of $4.78 per share, for a total transaction of $59,750.00. Following the transaction, the chief executive officer now owns 11,894,603 shares in the company, valued at approximately $56,856,202.34. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Lars Norell sold 40,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $5.58, for a total transaction of $223,200.00. Following the sale, the chief executive officer now owns 21,654,907 shares in the company, valued at approximately $120,834,381.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gregg J. Felton acquired 12,500 shares of the stock in a transaction dated Thursday, March 28th. The shares were bought at an average price of $4.78 per share, for a total transaction of $59,750.00. Following the transaction, the chief executive officer now owns 11,894,603 shares in the company, valued at approximately $56,856,202.34. The disclosure for this purchase can be found here. Insiders have sold 83,673 shares of company stock worth $530,948 in the last three months. 31.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Altus Power

Several institutional investors and hedge funds have recently made changes to their positions in AMPS. BlackRock Inc. grew its holdings in shares of Altus Power by 88.2% during the 1st quarter. BlackRock Inc. now owns 5,447,065 shares of the company’s stock valued at $29,850,000 after purchasing an additional 2,553,284 shares during the last quarter. Vanguard Group Inc. bought a new position in shares of Altus Power during the 1st quarter valued at $12,973,000. State Street Corp grew its holdings in shares of Altus Power by 1,231.0% during the 2nd quarter. State Street Corp now owns 1,699,411 shares of the company’s stock valued at $10,723,000 after purchasing an additional 1,571,727 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Altus Power by 360.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,529,144 shares of the company’s stock valued at $10,445,000 after purchasing an additional 1,196,891 shares during the last quarter. Finally, Handelsbanken Fonder AB bought a new position in shares of Altus Power during the 4th quarter valued at $5,298,000. Institutional investors 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.