Altus Power (NYSE:AMPS) Price Target Cut to $7.00 by Analysts at B. Riley

Altus Power (NYSE:AMPS) had its price objective decreased by B. Riley from $10.00 to $7.00 in a report issued on Monday morning, Benzinga reports. B. Riley 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.

Several other equities research analysts have also recently issued reports on AMPS. Morgan Stanley reaffirmed an overweight rating and issued a $9.00 target price on shares of Altus Power in a report on Thursday, April 11th. Maxim Group assumed coverage on Altus Power in a research report on Wednesday, April 10th. They issued a buy rating and a $7.00 price target for the company. Finally, Roth Mkm dropped their price target on Altus Power from $8.00 to $7.00 and set a buy rating for the company in a research report on Friday, March 15th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $8.25.

Altus Power Trading Down 3.7 %

Shares of AMPS stock opened at $3.68 on Monday. Altus Power has a 12-month low of $3.57 and a 12-month high of $7.28. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 2.33. The stock’s 50-day moving average price is $5.36 and its 200-day moving average price is $5.56. The stock has a market capitalization of $585.41 million, a price-to-earnings ratio of -52.56 and a beta of 0.88.

Altus Power (NYSE:AMPS) last issued 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 the consensus estimate of $42.85 million. Equities research analysts predict that Altus Power will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other Altus Power news, CEO Gregg J. Felton bought 12,500 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was acquired at an average price of $4.78 per share, for a total transaction of $59,750.00. Following the completion of the transaction, the chief executive officer now directly owns 11,894,603 shares of the company’s stock, valued at $56,856,202.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Altus Power news, CEO Lars Norell sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $5.58, for a total transaction of $223,200.00. Following the completion of the transaction, the chief executive officer now owns 21,654,907 shares in the company, valued at $120,834,381.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregg J. Felton bought 12,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were acquired at an average price of $4.78 per share, with a total value of $59,750.00. Following the transaction, the chief executive officer now directly 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 quarter, insiders sold 83,673 shares of company stock worth $530,948. Corporate insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of AMPS. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Altus Power during the third quarter valued at approximately $41,000. Spinnaker Trust bought a new stake in shares of Altus Power during the fourth quarter valued at approximately $69,000. Allspring Global Investments Holdings LLC raised its stake in shares of Altus Power by 196.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 13,319 shares of the company’s stock valued at $70,000 after acquiring an additional 8,826 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Altus Power during the fourth quarter valued at approximately $72,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Altus Power by 805.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock valued at $76,000 after acquiring an additional 9,957 shares in the last quarter. Hedge funds and other institutional investors own 46.55% of the company’s stock.

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.