Altus Power (NYSE:AMPS) Sets New 12-Month Low at $3.62

Altus Power, Inc. (NYSE:AMPS - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $3.62 and last traded at $3.63, with a volume of 294362 shares. The stock had previously closed at $3.78.

Wall Street Analysts Forecast Growth

AMPS has been the subject of several research analyst reports. Maxim Group initiated coverage on Altus Power in a research note on Wednesday, April 10th. They issued a "buy" rating and a $7.00 price objective for the company. Morgan Stanley reissued an "overweight" rating and issued a $9.00 price objective on shares of Altus Power in a research note on Thursday, April 11th. Roth Mkm reduced their price objective on Altus Power from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Friday, March 15th. Finally, B. Riley reduced their price objective on Altus Power from $10.00 to $7.00 and set a "buy" rating for the company in a research note on Monday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Altus Power has a consensus rating of "Buy" and a consensus target price of $8.25.

Altus Power Stock Performance

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 firm has a 50-day simple moving average of $5.48 and a two-hundred day simple moving average of $5.57. The company has a market capitalization of $575.87 million, a price-to-earnings ratio of -51.71 and a beta of 0.88.

Altus Power (NYSE:AMPS - Get Free Report) 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 company had revenue of $34.19 million for the quarter, compared to analyst estimates of $42.85 million. Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%. As a group, sell-side analysts forecast that Altus Power, Inc. will post -0.1 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Lars Norell sold 40,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $5.58, for a total transaction of $223,200.00. Following the transaction, 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 legal filing with the SEC, which is accessible through this hyperlink. In other Altus Power news, CEO Gregg J. Felton bought 12,500 shares of the stock in a transaction on Thursday, March 28th. The shares were purchased at an average price of $4.78 per share, with a total value of $59,750.00. Following the acquisition, the chief executive officer now directly owns 11,894,603 shares of the company's stock, valued at approximately $56,856,202.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Lars Norell sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $5.58, for a total value of $223,200.00. Following the completion of the sale, the chief executive officer now directly owns 21,654,907 shares in the company, valued at approximately $120,834,381.06. The disclosure for this sale can be found here. In the last quarter, insiders have sold 83,673 shares of company stock valued at $530,948. Insiders own 31.55% of the company's stock.

Institutional Trading of Altus Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMPS. Handelsbanken Fonder AB acquired a new stake in Altus Power in the 4th quarter valued at approximately $5,298,000. abrdn plc lifted its position in shares of Altus Power by 1,217.7% in 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 bought a new stake in shares of Altus Power in the 4th quarter worth approximately $3,671,000. Vanguard Group Inc. lifted its position in shares of Altus Power by 12.8% in 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 bought a new stake in shares of Altus Power in the 3rd quarter worth approximately $580,000. Institutional investors and hedge funds 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.