Analysts Set Altus Power, Inc. (NYSE:AMPS) PT at $8.25

Shares of Altus Power, Inc. (NYSE:AMPS) have been given an average recommendation of “Buy” by the seven ratings firms that are currently covering the company, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $8.25.

A number of brokerages recently issued reports on AMPS. Morgan Stanley reaffirmed an “overweight” rating and set a $9.00 target price on shares of Altus Power in a research report on Thursday, April 11th. B. Riley cut their price objective on shares of Altus Power from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Maxim Group started coverage on shares of Altus Power in a research note on Wednesday, April 10th. They issued a “buy” rating and a $7.00 target price for the company. Finally, Roth Mkm restated a “buy” rating and set a $7.00 price target on shares of Altus Power in a research note on Tuesday.

Insider Transactions at Altus Power

In other Altus Power news, insider Anthony Savino sold 34,725 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total value of $243,769.50. Following the completion of the sale, the insider now owns 3,907,536 shares in the company, valued at approximately $27,430,902.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Altus Power news, insider Anthony Savino sold 34,725 shares of the company’s 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 transaction, the insider now owns 3,907,536 shares of the company’s stock, valued at approximately $27,430,902.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Dustin Weber sold 4,350 shares of Altus Power stock in a transaction on Friday, February 16th. The shares were sold at an average price of $7.15, for a total value of $31,102.50. Following the completion of the sale, the chief financial officer now directly owns 1,884,926 shares of the company’s stock, valued at $13,477,220.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,673 shares of company stock worth $307,748. Insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Altus Power

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in Altus Power in the third quarter valued at about $140,000. DAVENPORT & Co LLC acquired a new stake in shares of Altus Power in the 3rd quarter valued at approximately $580,000. Bank of New York Mellon Corp raised its position in shares of Altus Power by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 202,360 shares of the company’s stock valued at $1,062,000 after acquiring an additional 4,864 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Altus Power by 7.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,933 shares of the company’s stock worth $267,000 after acquiring an additional 3,571 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in 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 purchasing an additional 8,826 shares during the period. 46.55% of the stock is currently owned by institutional investors and hedge funds.

Altus Power Trading Up 5.0 %

Altus Power stock opened at $3.86 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 2.33. Altus Power has a 12 month low of $3.40 and a 12 month high of $7.28. The company’s fifty day simple moving average is $5.08 and its 200-day simple moving average is $5.52. The stock has a market cap of $613.26 million, a P/E ratio of -56.86 and a beta of 0.88.

Altus Power (NYSE:AMPS) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%. The firm had revenue of $34.19 million during the quarter, compared to the consensus estimate of $42.85 million. As a group, sell-side analysts forecast that Altus Power will post -0.11 EPS for the current fiscal year.

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.