B. Riley Trims Altus Power (NYSE:AMPS) Target Price to $7.00

Altus Power (NYSE:AMPS) had its price objective lowered by B. Riley from $10.00 to $7.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock. B. Riley also issued estimates for Altus Power’s Q1 2024 earnings at ($0.08) EPS, Q2 2024 earnings at $0.02 EPS, Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at ($0.09) EPS and FY2025 earnings at ($0.08) EPS.

AMPS has been the topic of a number of other research reports. Morgan Stanley restated an overweight rating and issued a $9.00 target price on shares of Altus Power in a report on Thursday, April 11th. Roth Mkm dropped their target price on Altus Power from $8.00 to $7.00 and set a buy rating on the stock in a report on Friday, March 15th. Finally, Maxim Group initiated coverage on Altus Power in a report on Wednesday, April 10th. They issued a buy rating and a $7.00 target price on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $8.25.

Altus Power Stock Down 3.7 %

Shares of NYSE:AMPS opened at $3.68 on Monday. The business’s 50 day simple moving average is $5.36 and its two-hundred day simple moving average is $5.56. The firm has a market cap of $585.41 million, a P/E ratio of -52.56 and a beta of 0.88. The company has a debt-to-equity ratio of 2.33, a quick ratio of 2.15 and a current ratio of 2.15. Altus Power has a 52-week low of $3.57 and a 52-week high of $7.28.

Altus Power (NYSE:AMPS) last announced its quarterly 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). The firm had revenue of $34.19 million during the quarter, compared to the consensus estimate of $42.85 million. Altus Power had a negative return on equity of 0.30% and a negative net margin of 6.03%. As a group, research analysts forecast that Altus Power will post -0.1 EPS for the current fiscal year.

Insider Activity at Altus Power

In related news, insider Anthony Savino sold 34,725 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $7.02, for a total transaction of $243,769.50. Following the completion of the sale, the insider now directly owns 3,907,536 shares of the company’s stock, valued at $27,430,902.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Altus Power news, insider Anthony Savino sold 34,725 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $7.02, for a total value of $243,769.50. Following the sale, the insider now directly owns 3,907,536 shares in the company, valued at $27,430,902.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gregg J. Felton bought 12,500 shares of the stock in a transaction on Thursday, March 28th. The stock was purchased at an average price of $4.78 per share, for a total transaction of $59,750.00. Following the completion of the purchase, the chief executive officer now owns 11,894,603 shares of the company’s stock, valued at $56,856,202.34. The disclosure for this purchase can be found here. Over the last three months, insiders sold 83,673 shares of company stock valued at $530,948. 24.30% of the stock is owned by insiders.

Institutional Trading of Altus Power

Several hedge funds have recently made changes to their positions in AMPS. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Altus Power in the third quarter valued at $41,000. Spinnaker Trust bought a new stake in shares of Altus Power in the fourth quarter valued at $69,000. Allspring Global Investments Holdings LLC raised its stake in shares of Altus Power by 196.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 13,319 shares of the company’s stock valued at $70,000 after buying an additional 8,826 shares during the period. Victory Capital Management Inc. bought a new stake in shares of Altus Power in the fourth quarter valued at $72,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Altus Power by 805.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock valued at $76,000 after purchasing an additional 9,957 shares during the period. 46.55% of the stock is currently owned by 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.