Altus Power, Inc. (NYSE:AMPS) Receives Average Recommendation of “Buy” from Brokerages

Shares of Altus Power, Inc. (NYSE:AMPS) have received an average rating of “Buy” from the ten research firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $5.94.

A number of brokerages have recently commented on AMPS. Roth Mkm reaffirmed a “buy” rating and set a $4.50 target price on shares of Altus Power in a research report on Wednesday, October 16th. Citigroup decreased their target price on Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley downgraded Altus Power from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $8.00 to $4.00 in a research report on Wednesday, August 21st. Maxim Group decreased their price objective on Altus Power from $5.50 to $4.50 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, UBS Group dropped their target price on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a report on Friday, August 9th.

Altus Power Price Performance

AMPS opened at $3.42 on Friday. The business has a fifty day moving average of $3.21 and a 200 day moving average of $3.74. The stock has a market cap of $549.50 million, a P/E ratio of -68.40 and a beta of 0.96. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.18. Altus Power has a 52-week low of $2.71 and a 52-week high of $7.28.

Altus Power (NYSE:AMPS) last issued its earnings results on Thursday, August 8th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. The firm had revenue of $52.46 million during the quarter, compared to analyst estimates of $57.61 million. Altus Power had a net margin of 13.55% and a return on equity of 2.52%. As a group, sell-side analysts anticipate that Altus Power will post 0.08 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Encompass Capital Advisors LLC lifted its position in Altus Power by 1.2% during the second quarter. Encompass Capital Advisors LLC now owns 4,628,613 shares of the company’s stock valued at $18,144,000 after acquiring an additional 53,031 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Altus Power by 37.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock worth $11,662,000 after purchasing an additional 807,071 shares in the last quarter. Swedbank AB purchased a new position in Altus Power during the 1st quarter worth $12,589,000. abrdn plc increased its position in Altus Power by 8.7% during the 3rd quarter. abrdn plc now owns 1,444,400 shares of the company’s stock valued at $4,593,000 after buying an additional 115,300 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in Altus Power by 112.1% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,411,042 shares of the company’s stock valued at $5,531,000 after buying an additional 745,810 shares during the last quarter. 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.