Altus Power, Inc. to Post Q1 2024 Earnings of ($0.08) Per Share, B. Riley Forecasts (NYSE:AMPS)

Altus Power, Inc. (NYSE:AMPS) – Equities researchers at B. Riley dropped their Q1 2024 EPS estimates for shares of Altus Power in a note issued to investors on Monday, April 22nd. B. Riley analyst C. Souther now expects that the company will post earnings per share of ($0.08) for the quarter, down from their prior forecast of ($0.06). B. Riley currently has a “Buy” rating and a $7.00 target price on the stock. The consensus estimate for Altus Power’s current full-year earnings is ($0.11) per share. B. Riley also issued estimates for Altus Power’s 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.

A number of other research firms have also recently issued reports on AMPS. Maxim Group began coverage on shares of Altus Power in a research note on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price target on the stock. Roth Mkm dropped their price target on shares of Altus Power from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $9.00 price target on shares of Altus Power in a research note on Thursday, April 11th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Altus Power has an average rating of “Buy” and an average target price of $8.25.

Altus Power Price Performance

Shares of NYSE AMPS opened at $3.60 on Wednesday. The stock has a market capitalization of $572.69 million, a price-to-earnings ratio of -51.42 and a beta of 0.88. Altus Power has a 12 month low of $3.40 and a 12 month high of $7.28. The firm’s 50 day simple moving average is $5.28 and its 200-day simple moving average is $5.54. The company has a debt-to-equity ratio of 2.33, a current ratio of 2.15 and a quick ratio of 2.15.

Altus Power (NYSE:AMPS) last issued its quarterly earnings data on Thursday, March 14th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The firm had revenue of $34.19 million for the quarter, compared to analyst estimates of $42.85 million. Altus Power had a negative return on equity of 0.30% and a negative net margin of 6.03%.

Insiders Place Their Bets

In other Altus Power news, CEO Lars Norell sold 40,000 shares of Altus Power 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 of the company’s stock, valued at approximately $120,834,381.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Altus Power news, CEO Lars Norell sold 40,000 shares of Altus Power 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 of the company’s stock, valued at approximately $120,834,381.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Anthony Savino sold 34,725 shares of Altus Power stock in a transaction 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 sale, the insider now directly owns 3,907,536 shares in the company, valued at approximately $27,430,902.72. The disclosure for this sale can be found here. Insiders have sold a total of 83,673 shares of company stock valued at $530,948 in the last 90 days. 24.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AMPS. Handelsbanken Fonder AB purchased a new position in shares of Altus Power during the 4th quarter worth $5,298,000. abrdn plc raised its holdings in shares of Altus Power by 1,217.7% during the 3rd quarter. abrdn plc now owns 619,300 shares of the company’s stock worth $3,251,000 after acquiring an additional 572,300 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Altus Power during the 4th quarter worth $3,671,000. Vanguard Group Inc. raised its holdings in shares of Altus Power by 12.8% during the 3rd quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock worth $20,324,000 after acquiring an additional 438,845 shares during the period. Finally, DAVENPORT & Co LLC purchased a new position in shares of Altus Power during the 3rd quarter worth $580,000. Hedge funds and other 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.