Altus Power, Inc. (NYSE:AMPS) Sees Large Drop in Short Interest

Altus Power, Inc. (NYSE:AMPS) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 7,760,000 shares, a decrease of 19.2% from the October 15th total of 9,600,000 shares. Currently, 8.5% of the shares of the stock are short sold. Based on an average daily volume of 1,070,000 shares, the short-interest ratio is presently 7.3 days.

Altus Power Trading Down 6.1 %

Shares of Altus Power stock traded down $0.25 on Friday, reaching $3.85. 1,033,961 shares of the company’s stock were exchanged, compared to its average volume of 1,242,123. The firm’s 50-day moving average is $3.35 and its two-hundred day moving average is $3.70. The company has a market capitalization of $619.04 million, a P/E ratio of 17.50 and a beta of 0.94. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.91 and a current ratio of 0.60. Altus Power has a 52 week low of $2.71 and a 52 week high of $7.28.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC purchased a new position in shares of Altus Power during the second quarter valued at approximately $39,000. Iridian Asset Management LLC CT purchased a new position in shares of Altus Power in the 3rd quarter worth about $40,000. HighTower Advisors LLC purchased a new position in Altus Power in the third quarter valued at about $41,000. Vaughan David Investments LLC IL bought a new position in shares of Altus Power during the 2nd quarter valued at approximately $55,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Altus Power during the 2nd quarter worth approximately $68,000. 46.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on AMPS shares. Morgan Stanley lowered Altus Power from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $8.00 to $4.00 in a research note on Wednesday, August 21st. Citigroup decreased their price target on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. UBS Group cut their price target 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. Maxim Group reduced their target price on Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Roth Mkm restated a “buy” rating and set a $4.50 price target on shares of Altus Power in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $5.81.

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.